Demagnetise is what you do to tape heads and CRT monitors. Clearing static electricity is what you do when you touch a grounded object before handling computer components.
You must unplug (or better, plug into a shut-off power strip so it's all still grounded) your system before handling RAM, the CPU, or the AGP graphic card, and preferrably before handling any card or MB component. The ATX supplies provide 5 volts standby power to run the momentary power switch and any wake-up devices you may have inside (LAN, modem, keyboard/mouse, and timer functions can be set to restart the PC). This can damage components if you try to change them live.