IF the servo actually achieves the rated torque, then yes, you could lift that weight with that radius (technically, any weight less than that -- if you hit the weight perfectly, then you'd just achieve equilibrium against gravity, and not actual movement.)
- most hobby/consumer equipment is specified optimistically, and you're unlikely to get the full rated performance under normal usage
- what's specified is often the "stall torque" which is the maximum torque possible to get out of the motor for a short duration
If you operate this servo at that amount of load for any significant amount of time (say, more than a few seconds,) you're likely to burn the servo out at some point.
If you actually want to "lift" things by, say, winding wire on a wheel (like a winch,) you're probably better off with a DC gearmotor, geared for the load in question.