Yes, METHOD is a Scrabble word!

Letter values in Scrabble US: M 3, E 1, T 1, H 4, O 1, D 2.

Is it a valid word?

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

a way of doing something, especially a systematic way; implies an orderly logical arrangement (usually in steps)
an acting technique introduced by Stanislavsky in which the actor recalls emotions or reactions from his or her own life and uses them to identify with the character being portrayed

Also: method acting.