Yes, modems is a Scrabble word!
...and is worth 11 points in Scrabble, and 13 points in Words with Friends
modems
Noun
1. (from a combination of MOdulate and DEModulate) electronic equipment consisting of a device used to connect computers by a telephone line
What Scrabble words can I make with the letters in modems?
5 Letter Words
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2 Letter Words