Yes, colon is in the scrabble dictionary

...and is worth 10 points by itself.

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Colon Definition

noun

A punctuation mark ( : ) used after a word introducing a quotation, an explanation, an example, or a series and often after the salutation of a business letter.

from The American Heritage Dictionary of the English Language, 4th Edition

A section of a metrical period in quantitative verse, consisting of two to six feet and in Latin verse having one principal accent.

from The American Heritage Dictionary of the English Language, 4th Edition

See Table at currency.

from The American Heritage Dictionary of the English Language, 4th Edition

The section of the large intestine extending from the cecum to the rectum.

from The American Heritage Dictionary of the English Language, 4th Edition

The sign ( : ) used between numbers or groups of numbers in expressions of time (2:30 A.M.) and ratios (1:2).

from The American Heritage Dictionary of the English Language, 4th Edition

geographical name

City & port Panama on the Caribbean at entrance to Panama Canal 54,469.

from Free Scrabble Dictionary

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Here are some other words you could make with the letters COLON, you can also
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Top Words by points	Points
colon	7

2 letter words with COLON	Points
lo	2
no	2
on	2

3 letter words with COLON	Points
col	5
con	5
coo	5
loo	3
noo	3
ono	3

4 letter words with COLON	Points
clon	6
cool	6
coon	6
loco	6
loon	4
nolo	4

5 letter words with COLON	Points
colon	7

Found 16 words in 0.15246 seconds