According to Jonathan Givony of Draft Express, there was a trade between the Washington Wizards and the New Orleans Hornets.
*Washington gets Trevor Ariza and Emeka Okafor... New Orleans gets Rashard Lewis and the 46th Pick of the 2012 Draft*
So... basically the Hornets are clearing up cap space. Rashard Lewis has faded badly since the 2009 NBA Finals and carries a heavy price tag. But he is also in the last year of his contract. Lewis is supposed to get paid nearly $23 million next year but he can also be bought out by the Hornets for nearly $14 million, according to Givony. So the Hornets have the #1, #10, and #46 picks and they got Okafor and Ariza's contracts off the books. They can re-sign Eric Gordon with no problems and they have tons of cap space. It's looking brighter and brighter for the Hornets franchise.
In the meantime, the Wizards get Okafor, who I suppose will flank Nene in the frontcourt, and Ariza, who's become quite the journeyman. He'll provide a little defense in the 3 position. Now that the Wizards are lacking shooters, they will likely take Bradley Beal, the shooting guard from Florida, for the #3 pick (look at me pretend that I know something about college basketball). I feel a bit sorry for Ariza, who could've been a Laker for the rest of his career... but is now getting quite the tour around the league.
The Hornets got what they wanted: tons of cap space. The Wizards are still in rebuilding mode and both Okafor and Ariza can opt out after next season. All-in-all, it served both teams well. Especially for the Hornets since they didn't have to get rid of their pick at #10.