Yes, play is playable
...and is worth 10 points.
Found in the following dictionaries
Enable (Words with friends)
SOWPODS (Collins Scrabble Words)
OTCWL2014 (NASPA Word List 2014)
TWL06 (NASPA List 2006)
"Play" Definition
noun
A literary work written for performance on the stage; a drama.
Action, motion, or use: the play of the imagination.
Activity engaged in for enjoyment or recreation.
An attempt to obtain something; a bid: a play for sympathy.
Fun or jesting: It was all done in play.
verb-transitive
Music To perform (a piece) on instruments or an instrument.
Music To perform on (an instrument): play the guitar.
To assume the role of; act as: played the peacemaker at the meeting.
To attempt to keep or gain possession or control of: No foul was called because he was playing the ball.
To bet; wager: played ten dollars on the horse.
phrasal-verb
Play along Informal To cooperate or pretend to cooperate: decided to play along with the robbers for a while.
Play around To philander.
Play at To do or take part in halfheartedly.
Play at To participate in; engage in.
Play back To replay (a recently recorded tape, for example).
verb
To cause the recorded sound or image of (as a record or a magnetic tape) to be reproduced.
To discharge, fire, or set off with continuous effect .
To cause to move or operate lightly and irregularly or intermittently.
To keep (a hooked fish) in action.
To cause (as a radio or phonograph) to emit sounds.
idiom
In play Sports In a position to be legally or feasibly played: The ball is now in play.
Out of play Sports Not in a position to be legally or feasibly played.
Play ball Slang To cooperate: The opposing attorneys refused to play ball with us.
Play fast and loose To behave in a recklessly irresponsible or deceitful manner: played fast and loose with the facts.
Play for time To use delaying tactics; temporize.