Yes, holey is in the scrabble dictionary

...and is worth 10 points by itself.

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Holey Definition

adjective

Having holes or full of holes.
from The American Heritage Dictionary of the English Language, 4th Edition
Having .
from Free Scrabble Dictionary

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Top Words by points

Points

hoyle

11

2 letter words with HOLEY

Points

el

2

he

5

ho

5

eh

5

yo

5

ye

5

oy

5

oh

5

oe

2

lo

2

3 letter words with HOLEY

Points

yeh

9

ole

3

lye

6

ley

6

hoy

9

hoe

6

hey

9

4 letter words with HOLEY

Points

holy

10

hole

7

helo

7

5 letter words with HOLEY

Points

hoyle

11

holey

11

Found 22 words in 0.13829 seconds