Chargrill is definitely correct. I do that very thing from time to time while developing.
But, please also consider that editing the module directly may be the wrong approach — unless you intend to release patches to the module maintainer. Otherwise, the next time you install a new version of Module, you'll have to make all your changes all over again.
package BetterApproach;
use strict;
use warings;
use Module;
use base qw(Module);
sub extended_function {
my $self = shift;
if( $something ) {
# new stuff
return $new_stuff
}
$self->SUPER::extended_function(@_); # old stuff
}