Yes, WOOD is a Scrabble word!

Letter values in Scrabble US: W 4, O 1, O 1, D 2.

Is it a valid word?

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

the hard fibrous lignified substance under the bark of trees
the trees and other plants in a large densely wooded area
United States film actress (1938-1981)
English conductor (1869-1944)
English writer of novels about murders and thefts and forgeries (1814-1887)
United States painter noted for works based on life in the Midwest (1892-1942)
any wind instrument other than the brass instruments
a golf club with a long shaft used to hit long shots; originally made with a wooden head

Also: natalie wood, sir henry wood, sir henry joseph wood, mrs. henry wood, ellen price wood, grant wood, woodwind instrument.