Washington did it with Michael Nylander and they finally got rid of him to finnish Jokerit. Couldnt we do the same?

Yep, as long as the player doesn't have a NMC like Laraque does. Thing is, they have to be paid their full NHL salary. We seem to automatically assume that the Habs have an unlimited budget (hey, if we fire Martin, sure we'll be paying 3 coaches at the same time but the Molsons can afford it) but that's not the case. Considering how much of that purchase was financed by outside sources, there's no unlimited cash flow. In theory can they do so? Sure, but unless it was a guy like Mara, I don't see it happening despite the fact it'd alleviate some of the cap concerns.

I've occasionally thought about this. Yes, it should be done in principle. But if you send down perfectly good players unjustly - e.g., demote a Hamrlik because you've acquired a Boumeester and can't fit both under the cap - the risk is that you sour both current players and prospective UFAs on your organization. The obvious candidates are guys who are way past their prime and grotesquely overpaid. No one on our current team fits the bill.

Jacques Martin does! 

Maybe someone would pick him up on waivers