I've done it before, usually when I'm closing an account for a couple of weeks and don't want to lose any deli meat I have. You'll have the best results if it's not sliced first.
I find that turkey and roast beef and other cured meats freeze better than ham. The deli ham, unless 'fresh ham' usually has way too much water. When you thaw it, it's going to be like a sponge.
May I also suggest that the reason they are having a buy one get one free sale may have something to do with expriation dates..