The short answer is ‘yes’. It is also misleading and incomplete.
The longer answer requires acceptance of the axiomatic nature of the concept of ‘God’—capital ‘G’, as opposed to the concept of ‘a god’, small ‘g’.
‘A god’ is one among many, a kind of immortal progenitor people, separate and distinct from humanity, but each one limited in their own way. They might be supreme in their specific bailiwick—a god of war will always defeat a god of healing in combat—but eclipsed by another in other matters. Our god of war, for example, may be far less of a painter than the god of healing, even though neither holds sway over that particular facet of human existence.
‘God’, in contrast, is axiomatically omnipotent. God is able to do anything, at any time. To not be capable of performing a specific task is to be other than God. Thus, axiomatically, God can create ‘it’, no matter what ‘it’ is.
The rest of the answer, once again, turns on the axiomatic nature of God: God can lift ‘it’, no matter what ‘it’ is. So the rock in our example would appear to be something that cannot exist. But of course, God can create it. So how then do we get to a condition where God cannot lift it?
The answer, of course, is that axiomatically, God can do anything—including abrogating His own status as God. At that point, the rock cannot be lifted. Nor—at this point—can God return to being God, lest He be able to lift the rock. This, of course, is fine, as because—again, at this point—this entity is no longer God, and so no longer axiomatically required to be capable of restoring the Godhead.
So, the more complete answer is: ‘Yes. Once. And in doing so, God ceases to be God. He’s just some schlub named God.’