Technically, it is possible to patent a new use of an existing product. Realistically, it might not be worth applying because you would have to show that the new use is nonobvious. Even if you believe your use to spectacularly nonobvious, expect an uphill battle.
What can be patented? An invention relating either to a product or process that is new, involving an inventive step and capable of industrial application can be patented.
In fact, Franklin didn't patent any of his inventions or scientific discoveries, since he believed that everyone should be able to freely benefit from scientific progress.
Patent ownership gives the owner the right to exclude others from making, using, offering for sale, selling, or importing into the United States the invention claimed. A patent may be owned jointly by two or more entities. Also, the owner may assign a part interest in a patent to another entity.