Yes, waxy is a Scrabble word!
...and is worth 17 points in Scrabble, and 16 points in Words with Friends
waxy
Adjective
1. Made of or covered with wax
2. Easily impressed or influenced
3. Capable of being bent or flexed or twisted without breaking
4. Having the paleness of wax
What Scrabble words can I make with the letters in waxy?
3 Letter Words
2 Letter Words