Yes, TIMES is a Scrabble word!

Letter values in Scrabble US: T 1, I 1, M 3, E 1, S 1.

Is it a valid word?

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

a more or less definite period of time now or previously present
an arithmetic operation that is the inverse of division; the product of two numbers is computed
an instance or single occasion for some event
a period of time considered as a resource under your control and sufficient to accomplish something
an indefinite period (usually marked by specific attributes or activities)
a suitable moment
the continuum of experience in which events pass from the future through the present to the past
a person's experience on a particular occasion
a reading of a point in time as given by a clock
the fourth coordinate that is required (along with three spatial dimensions) to specify a physical event
rhythm as given by division into parts of equal duration
the period of time a prisoner is imprisoned

measure the time or duration of an event or action or the person who performs an action in a certain period of time
assign a time for an activity or event
set the speed, duration, or execution of
regulate or set the time of
adjust so that a force is applied and an action occurs at the desired time

Also: clock time, fourth dimension, prison term.