Yes, CALYPSO is a Scrabble word!

Letter values in Scrabble US: C 3, A 1, L 1, Y 4, P 3, S 1, O 1.

Is it a valid word?

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

rare north temperate bog orchid bearing a solitary white to pink flower marked with purple at the tip of an erect reddish stalk above 1 basal leaf
(Greek mythology) the sea nymph who detained Odysseus for seven years

Also: fairy-slipper, calypso bulbosa.