Off-topic: Home Electrical Wiring

[Sean <sean_@mindspring.com>]

Maybe some of you know about home wiring.  I just moved to a recently
remodeled old house.

I plugged my computer's UPS in and the electical fault LED came on.  Went
to Radio Shack and bought an AC outlet analyzer.  Although the outlets are
three prong there is no ground on any of the outlets in the house except
for the bathrooms and one outlet near the kitchen sink (another outlet near
the sink has no ground but does have a GFCI outlet).  About half of the
outlets in the house also have reversed polarity.

I went into the cellar to put in wiring for a second phone line and noticed
that the electrical wiring is old.  I found an electrical wiring FAQ and
learned that the wiring in this house is K&T (knob and tube) - 2 conductor,
no ground.

Would I be risking life and limb by playing electic guitar in this house?

Thanks for any related feedback.

sean