Yes, emoticon is in the scrabble dictionary

...and is worth 15 points by itself.

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Emoticon Definition

noun

A sideways facial glyph used in e-mail to indicate an emotion or attitude, as to indicate intended humor [ :-) ].
from The American Heritage Dictionary of the English Language, 4th Edition
A group of keyboard characters (as -)) that typically represents a facial expression or suggests an attitude or and that is used especially in computerized communications (as e-mail).
from Free Scrabble Dictionary

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Top Words by points

Points

emoticon

12

2 letter words with EMOTICON

Points

em

4

en

2

et

2

in

2

it

2

me

4

mi

4

mo

4

ne

2

no

2

oe

2

oi

2

om

4

on

2

te

2

ti

2

to

2

3 letter words with EMOTICON

Points

con

5

coo

5

cot

5

eco

5

emo

5

eon

3

ice

5

ion

3

men

5

met

5

mic

7

moc

7

moi

5

mon

5

moo

5

mot

5

net

3

nim

5

nit

3

nom

5

noo

3

not

3

one

3

ono

3

oot

3

tec

5

ten

3

tic

5

tie

3

tin

3

toe

3

tom

5

ton

3

too

3

4 letter words with EMOTICON

Points

cent

6

cine

6

cion

6

cite

6

coin

6

come

8

cone

6

coni

6

coon

6

coot

6

cote

6

emic

8

emit

6

etic

6

icon

6

into

4

item

6

meno

6

mice

8

mien

6

mine

6

mint

6

mite

6

mono

6

moon

6

moot

6

mote

6

nice

6

nite

4

nome

6

note

4

omen

6

omit

6

once

6

onto

4

otic

6

tein

4

time

6

tine

4

toco

6

tome

6

tone

4

toom

6

toon

4

5 letter words with EMOTICON

Points

cento

7

comet

9

comte

9

conte

7

conto

7

mento

7

mince

9

monic

9

monie

7

monte

7

nomoi

7

oncet

7

ontic

7

tonic

7

6 letter words with EMOTICON

Points

cootie

8

income

10

motion

8

noetic

8

notice

8

toonie

6

7 letter words with EMOTICON

Points

centimo

11

coontie

9

emotion

9

tonemic

11

8 letter words with EMOTICON

Points

emoticon

12

Found 120 words in 0.37202 seconds