With the iMac placed upside down, the bottom housing must be removed to access the drives. As for the white wire near the memory slots, that's the antenna wire which connects to the optional Airport card. Dissipating any static charge should be done by touching the grounded metal chassis.
The housing is removed by tilting it upward from the back end, until the front (3) interlocking tabs disengage from their respective slots. You normally feel resistance/binding at a certain point, but you have to continue gently tilting it up, if you want to separate the housings. You may even hear the sound of plastic cracking - possibly a sacrificial piece/pin designed to break, indicating that the unit has been previously opened. The important thing is to not be heavy-handed during the procedure. I've found that subsequent attempts to remove the lower housing on the same unit aren't as difficult. It's also important to apply pressure to the center tab, when re-installing the lower housing. The seam where the upper and lower housings meet across the middle must be smooth, or there will be problems with the alignment of the optical drive and front cover's slot. Disks can be inserted, but will jam internally when ejected.