Yes, ole is in the scrabble dictionary

...and is worth 4 points by itself.

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Ole Definition

interjection

An interjection used to stir up excitement.
from the English-language Wiktionary
Bravo.
from Free Scrabble Dictionary

adjective

Eye dialect spelling of old.
from the English-language Wiktionary
Old.
from Free Scrabble Dictionary

residual

Object linking and embedding, denoting a set of techniques for transferring an object from one application to another.
from Free Scrabble Dictionary

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Top Words by points

Points

ole

3

2 letter words with OLE

Points

el

2

lo

2

oe

2

3 letter words with OLE

Points

ole

3

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