Your definition looked okay to me, so I grabbed the jQuery.d.ts from Definitely Typed and added your code to scrollable.d.ts and it all worked fine... as long as I referenced your definitions...
/// <reference path="scrollable.d.ts" />
$('#id').scrollable({ vertical: true });
This made me think that maybe you hadn't referenced your definition file (I called it scrollable.d.ts, but you might have called it jquery.scrollable.d.ts or something like that).