Ok, not really. Seriously, everybody calm down. Placing players on waivers is something that a lot of teams do after the July 31 non-waiver trade deadline. If Lee is claimed off waivers, the Phillies can do one of three things: they can yank him back because they want to keep him, they can let the team that claimed Lee have him and his massive salary (he's owed about $95m over the next three years -- yowza), or they can work out a trade with that team.
Of course, the massive salary I just mentioned is pretty much the reason he'll probably make it through waivers without being claimed.
Remember, everybody -- this is a normal thing. Let's save our rage and panic for something that deserves it. I'm sure I'll receive a number of suggestions as to what that could be in the comments.