If I read you correctly, your question is, if we put a jet of water in orbit around a planet, could we use a paddle wheel or turbine to generate electricity forever?
And
"Can gravity be a source of infinite energy?"
Answering the second question first:
Gravity cannot be a source of infinite energy.
The largest amount of energy you can extract form a falling body would be the difference in the gravitational potential energy between the surface of the Earth, and infinitely far away above the Earth. This number can be big for massive falling objects, but it is still finite. You would need an infinite amount of falling objects to extract an infinite amount of energy.
As far as the second question goes:
If you were to use the momentum of the orbiting water to push a paddle wheel, that orbiting water would slow down (because the paddle wheel is pushing back on the water), and fall into a lower orbit. Eventually, if you keep using the paddle wheel, the water would slow down to the point where it will fall back into the atmosphere.One side point:
Liquid water can't exist in a vacuum since at those pressures, the boiling point is well below room temperature. However, one could still think about using a paddle wheel against orbiting streams of rocks, like the rings of Saturn.