Scrabble Dictionary

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Yes, picot is playable

...and is worth 11 points.

Found in the following dictionaries

Enable (Words with friends)
SOWPODS (Collins Scrabble Words)
OTCWL2014 (NASPA Word List 2014)
TWL06 (NASPA List 2006)

"Picot" Definition

noun

A series of small embroidered loops forming an ornamental edging on some ribbon and lace.
One of a series of small ornamental loops forming an edging on ribbon or lace.

verb-transitive

To trim with small embroidered loops.