Per Schefter, Waters worked out for the New England Patriots today.
I'm not that surprised by this. The Patriots seem to work out every veteran free agent and Waters fits the bill as a player who can still contribute in the right situation.
I wouldn't be surprised if some team decided to sign Waters after the first week of the season. As a vested veteran, Waters' 2011 salary would be fully guaranteed if he's on the roster Week 1 so guys like him can be more attractive to teams after the first week.
If the Patriots eventually sign him, that'd make November 21st in Foxboro a little more interesting.