Yes, layup is a Scrabble word!
...and is worth 10 points in Scrabble, and 12 points in Words with Friends
layup
Noun
1. A basketball shot made with one hand from a position under or beside the basket (and usually banked off the backboard)
What Scrabble words can I make with the letters in layup?
4 Letter Words
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3 Letter Words
2 Letter Words