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In 1 Cor 3:11-14, the word "Day", capitalized, seems to indicate that it is not any day. If it refers to Judgment Day, when "each one's work will become clear"; then how can one explain verse 15 which is giving people a second chance? Also, St Paul seems to refer to 2 foundations one has built one's work on:

1. Jesus Christ (verse 11)


2. It (italicized) What is the second foundation he is talking about? Of course he cannot be referring to Christ with "it". Can there be any foundation other than Christ?

The word 'Day' refers to Judgment Day when our Lord Jesus Christ will judge the merits of His servants' work.

There is only one foundation, our Lord Jesus Christ, upon Whom we should build.  

Verse 15 is not giving people a second chance; but is clarifying that a believer can be saved even though his work is not the best. The apostle is saying that there are those who build upon this foundation gold, silver, and precious stones, namely, those who receive and teach the truth of the gospel, holding nothing and preaching nothing else but the truth as it is founded upon our Lord Jesus Christ. The right way of building is when ministers depend upon Christ and spread the doctrines He had taught without corrupting them by either adding or diminishing. Those works will endure the fire; and the workers will receive a reward.

However, there are others who, in the simplicity of their hearts, build wood, hay, and stubble, on this foundation; that is, though they adhere to the foundation, they depart from the mind of Christ in many particulars, and do not know at the time what they have been doing; but in the day of the Lord, their own conduct and work shall appear clear to them. Though those men  have built hay, wood, and straw which could not endure the fire; they themselves might be saved because they have building on the true foundation, our Lord Jesus Christ.

The italicized "it' refers to the word 'foundation' which in turn refers to the Lord Jesus Christ.