An ESD bracelet is a conductive bracelet that connects you to a ground THROUGH A RESISTOR. Two commonly used terms in ESD protection are conductive and dissipative. Conductive uses a resistor value of approx 1-10 Mega Ohms, while dissipative is 10-100 Mega Ohms.
So, if you connect a wire to a ground (copper/steel water pipe, electrical ground, metal stake in the earth, etc.) and wire a resistor in the middle of the wire and connect yourself to the other end, you have an ESD bracelet.
THE RESISTOR IS VERY IMPORTANT.
If you should come into contact with a live electrical conductor, it limits the amount of current going through the bracelet.
Since static voltages are very high, they do work their way through the bracelet.
Its not meant to be an instantaneous discharge or it would fry the part.
Technically, they part you are working on should be connected to a ground in the same manner. Usually this is an ESD mat setup the same way as the bracelet.