Yes, SPANKERS is a Scrabble word!

Letter values in Scrabble US: S 1, P 3, A 1, N 1, K 5, E 1, R 1, S 1.

Is it a valid word?

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

a hitter who slaps (usually another person) with an open hand
a fore-and-aft sail set on the aftermost lower mast (usually the mizzenmast) of a vessel