A safety device used to channel static electricity to a proper ground while handling sensitive computer equipment. Electrostatic discharge (ESD) damage occurs when a release of stored static electricity travels from something such as a person’s body into a conductor of a different potential, such as a computer being repaired. The ESD wrist strap safely channels the static electricity to a proper ground, typically the computer’s chassis.
Also see Static Electricity and Computers in the Did You Know . . . ? section of Webopedia.