There are really no “rules” for Hebrew names, but there is tradition in choosing a Hebrew name. The Hebrew name is the channel through which the soul’s energy reaches the body. 

It is customary to name children after deceased parents or grandparents. The reason for this is that it is merit-producing for a deceased person to have his descendant or relative named after him or her. The Hebrew names of family members are not given to the descendants of living parents or living grandparents because this is not merit-producing for anyone. 

Choosing a Hebrew name that is not normally used as a name is not merit-producing and is not usually done in the Jewish community. Using any common Hebrew word, such as the word "chokmah" (which is not recognized as a traditional Hebrew name), is definitely not merit-producing for anyone, so I would suggest that this not be done. This word, "chokmah," for example, means "wisdom," but naming someone Chokmah does NOT mean they have wisdom. Wisdom is something that someone obtains through the study of Torah, following God’s laws, living a Torah lifestyle, teaching Torah, etc. 

Every aspect of a Torah lifestyle should produce merit!