My theory was this:
If we can assume that what Uli witnessed in the first part of the prologue was The Chaining (since it's dated to the elder age) with pieces of the Crippled God raining down on Korel and surrounding environs.
A:That she was originally a tribal godess/spirit (albeit a relatively minor one) of some sort native to Korel.
B: A pure blooded Toblakai or Thel Akai, given her immense height ("The figure was gigantic, out of all proportion, twice the height of the Jaghut or other Elders he'd heard talk of, such as the Toblakai or Tarthinoe"). We've been told that Toblakai existed in Korel, including descendants like Ivanr and Hagen. Given this part of the prologue happens thousands of years before the main events, the blood line could remain relatively unsullied. Perhaps she was a Toblakai shamaness/sorceress (a la Bellurdan) prior to taking the fragments of the crippled god. I mean in Toll the Hounds we've seen another Toblakai doing some pretty grim stuff in order to become a dark god, in Bellurdan's change into the Dying God. Perhaps by a similar effect the female Toblakai sorceress underwent a transformation into The Lady. There's definitely some parallels there.
The tribal godess or Toblakai female (called Shrikasmil?) collected a number of these fragments of the Crippled God, absorbing his power.
Ultimately, taking in so much of the CG's power corrupted her, thus her sickly and deformed appearance (another associating factor with CG) i.e "Long greasy tresses hanging down to it's waist " "Yet it's flesh was repulsive: a pale dead fish, mottled,pocked by rotting open sores" "broad bloodless lips"
OR
C: A larger piece of the CG became sentient and became what we know as The Lady. This began collecting more pieces of itself to it (in the chests) in order to increase it's power by becoming more complete. As it is weakened considerably by being a relatively small piece of CG it requires the blood sacrifices for sustenance.
Any thoughts on this? I'm sure to have missed some things, any more ideas on The Lady would be appreciated!
This post has been edited by Wolfdrop: 29 June 2014 - 10:05 PM