It is, but not officially ;)
For example. I saw the X Files when I was very young, but I really want to rewatch it!
We'd also say watch it again which is more correct, but rewatch is common.
July 22, 2016
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Only in certain instances, it is appropriate when speaking about watching shows. If if you are addressing an academic audience, it would not be appropriate.
July 22, 2016
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So yes, it is a proper word.
July 22, 2016
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