But is it required?
No. Especially if you're not touching anything.
I have never used one (and don't intend on getting one either). Ever. Never damaged anything either. Of course, there is always a first and I have heard stories of people damaging hardware.
Touch a part of the metal case to discharge any static, which I'd assumed one would do while opening it unless the OP has a plastic (Dell?) case in which case I apologize for not pointing it out.
Well with that said, if I was looking for that sort of power, would I be better off (price wise) upgrading my comp or getting a new one?
A new videocard like the 9800GT should improve your performance hugely.
But if you did want the performance of a Radeon 5870 then you would likely need a whole new computer (Phenom II, Core i5 750, Core i7).