It's not as farfetched as it may sound. Yes, they teamed up to produce the highly successful Dedication 2 mixtape, but SOHH.com raises the possibility in this blog post that Weezy may have been the one to finger DJ Drama in the mixtape sting that saw him arrested last month.
Lil Wayne has been quoted in a couple different places saying that Drama will have to "play the game fair" now, and people are interpreting that as a little "I told you not to f*** with me ..." sort of dig.
Word is Drama was making craploads of money and Wayne maybe wasn't seeing as much of it as he'd like. He's cited dropping album sales and blames mixtapes for part of that, but that's not exactly concrete evidence of guilt.
So did Weezy do it? We may never know.