Yes, FREED is a Scrabble word!

Letter values in Scrabble US: F 4, R 1, E 1, E 1, D 2.

Is it a valid word?

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

grant freedom to; free from confinement
relieve from
remove or force out from a position
grant relief or an exemption from a rule or requirement to
make (information) available for publication
free from obligations or duties
free or remove obstruction from
let off the hook
part with a possession or right
release (gas or energy) as a result of a chemical reaction or physical decomposition
make (assets) available

Also: give up.