I've noticed that one of the electrical conduits in our basement has a solid wire (14-gauge, it looks like) wrapped around it, and the other end is wrapped around the cold water pipe at the point where it enters the house. A do-it-yourself grounding technique made by a previous owner, perhaps? The conduit itself doesn't have a third ground wire, the ground terminals on the switch and outlets are just wired to the metal boxes.
With the exception of the wire running between the conduit and the water pipe, I'm assuming that the conduit isn't grounded, because much of the wiring in the basement is still old "knob and tube" wiring. So now I'm looking at this makeshift ground connection, saying to myself, "This CANNOT be safe." I'm not sure what the electrical regulations say about this kind of thing, but does anyone know if my suspicions are correct?