Yes, shed is a Scrabble word!

Verb

1. Get rid of

2. Pour out in drops or small quantities or as if in drops or small quantities

3. Cause or allow (a solid substance) to flow or run out or over

4. Cast off hair, skin, horn, or feathers

Adjective

1. Shed at an early stage of development

Noun

1. An outbuilding with a single story; used for shelter or storage