The Rangers also received minor league outfielder David Paisano in exchange for minor league pitchers John Danks, Nick Masset and Jacob Rasner.
The 6-foot-7, 23-year-old McCarthy was 4-7 with a 4.68 ERA in 53 games in 2006, coming out of the bullpen in all but two appearances.
Trachsel joins Orioles
A starter for the White Sox for most of 2005, McCarthy has a 7-9 record with a 4.39 ERA in two major league seasons.
Brewers sign Suppan in record deal
Phillies snap up Barajas