Roy has one goal and nine assists in 26 games this season.
In 692 career games, the 31-year-old veteran from Ottawa has 178 goals and 324 assists.
Edmonton adds some size and skill with Fraser, a 6-foot-1, 204-pound winger from Red Deer. The 24-year-old had three goals in 24 games for Boston this season.
Fraser is on a US$625,000, one-year contract while Roy is on a one-year, $1-million deal.
Also, the Oilers waived forward Steve Pinizzotto.