In 2011, Jeff Frazier had the worst BABIP in the AAA International League, with a .237. This brought his batting average down to a .226, and OBP to .295. He walked about average at 8 percent of the time, with a mediocre ISO of .137. This bad BABIP isn't normal for Frazier, as his he had BABIPs of .333, .325, and .264 in 3 previous stints in AAA. His Neutralized stats (that is with BABIP set at .300) is .286 BA and .366 OBP. This projects to a .320 OBP in the Majors and (using his AAA SLG, projected for the Majors) .395 SLG, or 75.84 Runs Created in 140 games. This is about 10 runs more than an average player (or 2 runs more than average if you use .323 OBP and .377 SLG).
Has played just 9 games in the Majors and is 29 years old, so obviously demand isn't very high for him. He has spent most of his career as an outfielder, but has been playing a lot of 1st over the last year. He really isn't that good at either position, and one would expect him to cost you a few runs defensively, and probably offset a lot of the offensive benefit. According to Baseball Reference, Frazier is a free agent. If I were a team, I would definitely give him a non-roster invite to Spring Training and a minor league deal.