the picture hanging on the wall was painted by her.

不可以
hang v.“挂”,“吊、绞”,一词多义,并且有两个过去式形式,要注意：
hang-hanged,hanged意为“绞死,吊死”
hang-hung,hung意为“悬挂、垂吊”
eg:He was hanged on the neck.
他被处于绞刑.
The picture was hung on the wall.
图画挂在墙上.