Yes, it is in the scrabble dictionary
...and is worth 2 points by itself.
1. Italian; Italy.
2. Information technology.
1. With it Slang Aware of or knowledgeable about the latest trends or developments.
1. An animal that has been neutered: The cat is an it.
2. Games A player, as in tag, who attempts to find or catch the other players.
3. The player in a game who performs the principal action of the game (as trying to find others in hide-and-seek).
1. Used as an anticipatory subject or object: Is it certain that they will win?.
2. Used as an anticipatory subject to emphasize a term that is not itself a subject: It was on Friday that all the snow fell.
3. Used as the subject of an impersonal verb: It is snowing.
4. That one.
5. A crucial or climactic point.
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