I'm not even sure how I'd go about evaluating this. First, you'd have to start with some definition of "soul" or whatever that you can say is reincarnated, and define what the effect of having one is.
First, the body is not a closed system (we'd starve to death) so applying the 2nd law to a living organism requires care (see also Creationism). Even if you took that into account, however, if a "soul" has a physical effect on the body (brain?) then you have to consider the "soul" a physical input to the system, thermodynamically. So as ridiculous as reincarnation may be, I don't know that the 2nd law really has any bearing on the subject.
A more interesting question is that if the "soul" is a physical thing (if it influences the brain physically, it is physical by definition), then the 2nd law of thermodynamics would likely apply to it. It must therefore be explained why disembodied "souls" are stable and don't break down themselves. If the psychics' descriptions of "souls" are anywhere near the mark, "souls" are not anywhere near thermodynamic equilibrium.