It is correct but seldom useful. It takes some effort to imagine a situation where I would say this, but it is possible. Imagine that a thief has stolen two computers. One belongs to a man and one belongs to a woman. Looking at the two computers, a police officer might easily identify one by saying "that one over there is the computer of the lady".

Stole a computer from the lady Stole the lady’s computer

Not quite. Here's a more natural way to phrase it: "A thief stole the lady's computer." OR "A thief stole a computer from the lady." Both are correct and sound more natural.