Yes, time is playable
...and is worth 7 points.
Found in the following dictionaries
Enable (Words with friends)
SOWPODS (Collins Scrabble Words)
OTCWL2014 (NASPA Word List 2014)
TWL06 (NASPA List 2006)
"Time" Definition
noun
A nonspatial continuum in which events occur in apparently irreversible succession from the past through the present to the future.
A number, as of years, days, or minutes, representing such an interval: ran the course in a time just under four minutes.
A period of apprenticeship.
A period of military service.
A similar number representing a specific point on this continuum, reckoned in hours and minutes: checked her watch and recorded the time, 6:17 A.M.
adjective
Constructed so as to operate at a particular moment: a time release.
Of or relating to installment buying: time payments.
Of, relating to, or measuring time.
Payable on a future date or dates.
Payable on a specified future day or a certain length of time after presentation for acceptance .
verb-transitive
To adjust so that a force is applied or an action occurs at the desired time: timed his swing so as to hit the ball squarely.
To adjust to keep accurate time.
To record the speed or duration of: time a runner.
To set or maintain the tempo, speed, or duration of: time a manufacturing process.
To set the time for (an event or occasion).
verb
To dispose (as a mechanical part) so that an action occurs at a desired instant or in a desired way.
To determine or record the time, duration, or rate of .
To set the tempo, speed, or duration of .
To cause to keep time with something.
idiom
Against time With a quickly approaching time limit: worked against time to deliver the manuscript before the deadline.
At one time At a period or moment in the past.
At one time Simultaneously.
At the same time However; nonetheless.
At times On occasion; sometimes.