Yes, out is playable
...and is worth 4 points.
Found in the following dictionaries
Enable (Words with friends)
SOWPODS (Collins Scrabble Words)
OTCWL2014 (NASPA Word List 2014)
TWL06 (NASPA List 2006)
"Out" Definition
noun
Baseball A play in which a batter or base runner is retired.
Baseball The player retired in such a play.
Informal A means of escape: The window was my only out.
One that is out, especially one who is out of power.
Printing A word or other part of a manuscript omitted from the printed copy.
interjection
Used in two-way radio to indicate that a transmission is complete and no reply is expected.
verb
To identify publicly as being such secretly .
To identify as being a closet homosexual.
To become publicly known .
Reveal the homosexuality of (a prominent person).
adverb
Away from a usual place: stepped out for a drink of water; went out for the evening.
Away from the center or middle: The troops fanned out.
Baseball So as to be retired, or counted as an out: He grounded out to the shortstop.
From among others: picked out the thief in the crowd.
From inside a building or shelter into the open air; outside: The boy went out to play.
adjective
Baseball Not allowed to continue to bat or run; retired.
Directed away from a place or center; outgoing: the out doorway.
Extinguished: The lights were out next door.
Informal Openly gay, lesbian, or bisexual: an out performer.
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