Yes, owe is a Scrabble word!
...and is worth 6 points in Scrabble, and 6 points in Words with Friends
owe
Verb
1. Be obliged to pay or repay
2. Be indebted to, in an abstract or intellectual sense
3. Be in debt
What Scrabble words can I make with the letters in owe?
3 Letter Words
2 Letter Words