Yes, graph is in the scrabble dictionary

...and is worth 12 points by itself.

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Graph Definition

noun

A diagram that exhibits a relationship, often functional, between two sets of numbers as a set of points having coordinates determined by the relationship. Also called plot.

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

A pictorial device, such as a pie chart or bar graph, used to illustrate quantitative relationships. Also called chart.

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

A written character that represents a vowel, consonant, syllable, word, or other expression and that cannot be further analyzed.

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

Any of the possible forms of a grapheme.

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

The spelling of a word.

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

verb-transitive

To plot (a function) on a graph.

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

To represent by a graph.

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

verb

To represent by a graph.

from Free Scrabble Dictionary

To plot on a graph.

from Free Scrabble Dictionary

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Here are some other words you could make with the letters GRAPH, you can also
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Top Words by points	Points
graph	11

2 letter words with GRAPH	Points
ah	5
ar	2
ag	3
ha	5
pa	4

3 letter words with GRAPH	Points
rap	5
rah	6
rag	4
par	5
pah	8
hap	8
hag	7
gar	4
gap	6

4 letter words with GRAPH	Points
harp	9
argh	8

5 letter words with GRAPH	Points
graph	11

Found 17 words in 0.13117 seconds