Yes, PSYCHEDELIC is a Scrabble word!

Letter values in Scrabble US: P 3, S 1, Y 4, C 3, H 4, E 1, D 2, E 1, L 1, I 1, C 3.

Is it a valid word?

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

producing distorted sensory perceptions and feelings or altered states of awareness or sometimes states resembling psychosis
having the vivid colors and bizarre patterns associated with psychedelic states
(of a mental state) characterized by intense and distorted perceptions and hallucinations and feelings of euphoria or sometimes despair