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Below I will attempt to clarify the league settings regarding the claims/drops and waiver wire pickup process:
Claims/Drops:
Players not on a roster are free agents. Each week, GMs can claim one free agent to their roster. The claims are processed on a first come first serve basis and the player is immediately added the the GM's team.
A restriction was placed on the number of free agent pickups to avoid the everyday adding and dropping of pitchers that we had last year. However, this rule still allows GMs the opportunity to make a mid week move to accommodate injury or take advantage of a good match up. At 5:00pm every Friday night all free agents are placed on waivers.
Waiver Wire Claims:
Each Friday night at 5:00pm all free agent players are placed on waivers. GMs can put in a claim to sign a player. On Saturday night at 11:55pm the waiver wire gets processed. Then the players that were claimed get added to their new respective team and the other players get returned to the free agent pool.
The waivers are processed based on the waiver wire claim order. (The current waiver wire claim order can be found on the Fantrax site. It is listed under the "Other" heading on the grey toolbar.)
There are no limitations to the number of waiver wire claims team can submit. They can claim as many players as they would like.