Yes, SALOL is a Scrabble word!

Letter values in Scrabble US: S 1, A 1, L 1, O 1, L 1.

Is it a valid word?

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

a white powder with a pleasant taste and odor; used to absorb light in sun tan lotions or as a preservative or an antiseptic or a coating for pills in which the medicine is intended for enteric release

Also: phenyl salicylate.