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?
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