Yes, swap is a Scrabble word!
...and is worth 9 points in Scrabble, and 10 points in Words with Friends
swap
Verb
1. Exchange or give (something) in exchange for
2. Move (a piece of a program) into memory, in computer science
Noun
1. An equal exchange
What Scrabble words can I make with the letters in swap?
4 Letter Words
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3 Letter Words
2 Letter Words