Well, no. Theory gets tested and verified (or refuted) by repeatable experiment. The only way one knows a theory "works" is by checking a predicted outcome against actual outcomes.
Originally Posted by Erik Prestmo
Knowledge is based upon evidence and observation. Theory systematizes or abstracts underlying relationships. Theory attempts to formulate a simple statement of cause or of relationships in the facts. Such as "energy will equal mass times blah blah blah". First we propose a theory, then verify by experiment and observation.
In this case, we wash then test the outcome. If the factual results are unexpected, we revise the theory. So I would reverse your statement and say, "knowledge is what theory is based upon".