It is possible. For example, a rock sitting on a cliff has lots of potential energy. As it falls down the cliff, the potential energy turns into kinetic energy.
Another example would be a spring. When a spring is stretched it has a lot of elastic potential energy. When you release it it becomes kinetic energy.
Energy can be transferred from one object to another or between energy stores within the same object. For example on a pool table when white ball hits another ball energy is transferred from the kinetic store of the white ball to the kinetic store of the other ball.
