Whoa. Oliver Perez and Roberto Hernandez for Xavier Nady.
If this is the whole deal, this is awful. Perez was probably a lost cause, but only probably. There's still some chance he could be ironed out. Nady is already 27 and has never been an especially good hitter. There isn't very much upside for the Bucs here - Nady is only a little bit better than the Ty Wigginton/Daryle Ward class of Pirates we always complain about, and the Bucs gave up quite a bit to get him.
Nady is basically Craig Wilson lite. He doesn't have a position, he's not a great runner, his hitting is not as good as Wilson's, and he's only two years younger than Wilson. Why you'd trade a 24-year-old pitcher (however damaged) with an All-Star caliber season under his belt, plus a valuable reliever, to a team that abruptly lost its setup man (Duaner Sanchez), to get Nady is beyond me. The Bucs already have Craig Wilson and they won't even play him.
This may mean the Bucs have given up on Ryan Shealy. With Chris Duffy knocking on the door at Class AAA, they may want to use Jose Bautista in right field and Nady at first base. Nady has several more years before he's eligible for free agency, so unless he's about to be traded, this would seem to solidify one of the corner positions for a while.