I doubt it's common, and it may be considered bad form, I don't know, but the Twins and Reds did this dance last year. Kennys Vargas got waived in March, claimed by the Reds, waived by the Reds two days later, then claimed by the Twins. The Twins then outrighted him, and the Reds (or anyone else) decided not take another shot. That's when he went to Japan.