Yes, STOVEPIPES is a Scrabble word!

Letter values in Scrabble US: S 1, T 1, O 1, V 4, E 1, P 3, I 1, P 3, E 1, S 1.

Is it a valid word?

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

chimney consisting of a metal pipe of large diameter that is used to connect a stove to a flue
a man's hat with a tall crown; usually covered with silk or with beaver fur

Also: dress hat, high hat, opera hat, silk hat, top hat.