Yes, way is a Scrabble word!

Adverb

1. To a great degree or by a great distance; very much (`right smart' is regional in the United States)

Noun

1. How something is done or how it happens

2. How a result is obtained or an end is achieved

3. A line leading to a place or point

4. The condition of things generally

5. A course of conduct

6. Any artifact consisting of a road or path affording passage from one place to another

7. A journey or passage

8. Space for movement

9. The property of distance in general

10. Doing as one pleases or chooses

11. A general category of things; used in the expression `in the way of'

12. A portion of something divided into shares