Yes, REVELING is a Scrabble word!

Letter values in Scrabble US: R 1, E 1, V 4, E 1, L 1, I 1, N 1, G 2.

Is it a valid word?

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

take delight in
celebrate noisily, often indulging in drinking; engage in uproarious festivities

Also: make whoopie, make merry, make happy, whoop it up.