Cheechoo On Waivers; Fit For Rangers?

Former 50 goal scorer Jonathan Cheecoo has been placed on waivers by the Ottawa Senators today. While he is no longer the player he once was, he could provide some secondary scoring. He would,  at the very least, be an upgrade over Donald Brashear. Since our resident cap expert, Dave, is on vacation, I have no idea of the cap implications. But, could it work? Put him on the third or fourth line, hope he scores a couple goals? Maybe if he plays on a line with a top player (Gaborik) he could regain his scoring touch. A low-risk, high-reward move.