Yes, BAILING is a Scrabble word!

Letter values in Scrabble US: B 3, A 1, I 1, L 1, I 1, N 1, G 2.

Is it a valid word?

BAILING is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

release after a security has been paid
deliver something in trust to somebody for a special purpose and for a limited period
secure the release of (someone) by providing security
empty (a vessel) by bailing
remove (water) from a vessel with a container