Results of a self-consistent ultrafast study of nonlinear optical properties of silicon nanowaveguides using heterodyne pump-probe technique are reported. The two-photon absorption coefficient and free-carrier absorption effective cross-section were determined to be 0.68cm/GW, and 1.9x10(-17) cm2, respectively and the Kerr coefficient and free-carrier-induced refractive index change 0.32x10(-13) cm2/W, and -5.5x10(-21) cm3, respectively. The effects of the proton bombardment on the linear loss and the carrier lifetime of the devices were also studied. Carrier lifetime reduction from 330ps to 33ps with a linear loss of only 14.8dB/cm was achieved using a proton bombardment level of 10(15)/cm2.