Using the Windows XP CMD command-line I can expand a variable twice as follows:
set AAA=BBB
set BBB=CCC
for /F \"usebackq tokens=*\" %i in (`echo %%AAA%%`) d
Double indirection (which is a very apt way pax has put it) reminds of C pointer de-referencing.
I doubt that is supported in the Windows command shell.
Do you think the larger purpose you are targeting can be achieved with something easier;
maybe lesser of a code-golf approach then the one contrived nicely by pax?