Yes, kips is a Scrabble word!

...and is worth 10 points in Scrabble, and 11 points in Words with Friends

kips

Verb

1. Be asleep

Noun

1. Sleep

2. The basic unit of money in Laos

3. A gymnastic exercise performed starting from a position with the legs over the upper body and moving to an erect position by arching the back and swinging the legs out and down while forcing the chest upright

What Scrabble words can I make with the letters in kips?

4 Letter Words

skip
spik

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2 Anagrams of Kips

skip
spik

Words that can be created with an extra letter added to kips:

A:paikspikasC:picksspickE:kepispikesspikeI:pikisM:skimpN:pinksS:skipsspiksY:spiky