Yes, RAVES is a Scrabble word!

Letter values in Scrabble US: R 1, A 1, V 4, E 1, S 1.

Is it a valid word?

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

a dance party that lasts all night and electronically synthesized music is played
an extravagantly enthusiastic review
the airforce of Great Britain
a Marxist and Maoist terrorist organization in Germany; a network of underground guerillas who committed acts of violence in the service of the class struggle; a successor to the Baader-Meinhof Gang; became one of Europe's most feared terrorist groups; disbanded in 1998

Also: royal air force, red army faction, mouth off, rabbit on.

Not playable in Scrabble US: RAF.