Yes, put is a Scrabble word!
...and is worth 5 points in Scrabble, and 7 points in Words with Friends
put
Verb
1. Put into a certain place or abstract location
2. Cause to be in a certain state; cause to be in a certain relation
3. Formulate in a particular style or language
4. Attribute or give
5. Make an investment
6. Estimate
7. Cause (someone) to undergo something
8. Adapt
9. Arrange thoughts, ideas, temporal events
Noun
1. The option to sell a given stock (or stock index or commodity future) at a given price before a given date
What Scrabble words can I make with the letters in put?
3 Letter Words
2 Letter Words