Yes, ELEVATOR is a Scrabble word!

Letter values in Scrabble US: E 1, L 1, E 1, V 4, A 1, T 1, O 1, R 1.

Is it a valid word?

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

lifting device consisting of a platform or cage that is raised and lowered mechanically in a vertical shaft in order to move people from one floor to another in a building
the airfoil on the tailplane of an aircraft that makes it ascend or descend