It is possible, this is how turbines work.
There are gears between the wheel and dynamo input shaft to increase the RPM and reduce the torque if whatever is spinning the wheel has too much force but not enough speed, or gears to decrease the RPM and increase the torque if whatever is spinning the wheel has too much force but not enough speed to drive the dynamo.
THen you stick whatever you need to onto the wheel to harness the force. A propeller if it's wind, a handle if it's your arm, tires if it's being pushed on the ground, etc.