I was reading the December issue of PC World magazine and came across a small article by Robert Strohmeyer entitled: "Fact Check: Does Touching Metal Actually Protect Your PC From Static?" He looks into the old school method of grounding yourself before performing upgrades on your PC. For those of you that don't know what I am talking about, it's the act of touching the metal part of your PC to prevent any components from being damaged by static electricity. He explains the following:

FOR DECADES, PC builders have relied on a simple trick to help protect their hardware from static discharge: touching the system's metal case. But does that trick still work on a modern PC? Sadly, no...

...Since you absolutely must unplug your computer from the wall before handling its components, the current has no exit path from a system case to a proper ground. So, no, touching the case isn't likely to do you much good if you've unwittingly build up a significant static charge in your body. The best way to make sure that you are grounded is to use an antistatic wrist strap connected to an actual ground, such as the AC ground in your home.

The ESD cord connected to an AC ground is the best defense against static damage. The device is simple. The wrist strap connects to the ESD cord, which then connects into an AC outlet in your home. It looks like the following:

You can find this product and more from the ESD Systems website: http://esdsystems.com.