Yes, cola is a Scrabble word!

Noun

1. Large genus of African trees bearing kola nuts

2. Carbonated drink flavored with extract from kola nuts (`dope' is a southernism in the United States)

3. The part of the large intestine between the cecum and the rectum; it extracts moisture from food residues before they are excreted

4. The basic unit of money in El Salvador; equal to 100 centavos

5. The basic unit of money in Costa Rica; equal to 100 centimos

6. A port city at the Caribbean entrance to the Panama Canal

7. A punctuation mark (:) used after a word introducing a series or an example or an explanation (or after the salutation of a business letter)