Yes, elves is a Scrabble word!

...and is worth 8 points in Scrabble, and 10 points in Words with Friends

elves

Noun

1. An acronym for emissions of light and very low frequency perturbations due to electromagnetic pulse sources; extremely bright extremely short (less than a msec) electrical flashes forming a huge ring (up to 400 km diameter) in the ionosphere

2. (folklore) fairies that are somewhat mischievous

3. Below 3 kilohertz

What Scrabble words can I make with the letters in elves?

4 Letter Words

eels
else
eves
lees
seel
vees

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Words that can be created with an extra letter added to elves:

A:leavessleaveB:bevelsE:leveessleeveD:delvesdevelsI:leviesslieveH:helvesshelveK:kevelsL:levelsP:pelvesS:selvesvesselR:elversleversrevelsU:evulseT:svelte