Yes, INTERLEAVE is a Scrabble word!

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

Is it a valid word?

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

provide (books) with blank leaves
intersperse the sectors on the concentric magnetic circular patterns written on a computer disk surface to guide the storing and recording of data
intersperse alternately, as of protective covers for book illustrations