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It's happened a few times over the years and in different sports. Most of the time when it happens it's usually a method for clubs to retain players without releasing them. A favor given between clubs.
For example:
The Mets trade Tom Glavine and cash to the Royals for a player to be named later.
The Mets' GM does this because David Wright is out of minor league options and would qualify as a free agent if the Mets designate him for assignment. In addition, the Mets are on the hook for Brian Daubach's $15M and cannot trade or release him but his contract expires at the end of the season. The Mets' GM wants to keep both Wright and Glavine but decides Wright is more valuable pinch hitting than Glavine is pitching. Fortunately for the Mets' GM, the Royals are hurting for pitching and veteran leadership. So, the Mets trade Glavine and enough money to cover half his remaining salary for the season to the Royals for a PTBNL. Two months later, the Mets re-acquire Glavine as the player to be named later. So, the Mets keep the players they want, Daubach never plays for the Mets again, and the Mets save money by "renting-out" Glavine to the Royals.
Obviously, this scenario would probably never happen as the MLBPA would file a grievance on Wright's behalf because the Mets are controlling his rights. But, this example should give you a pretty good idea as to why weird deals like being traded for yourself happens.
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