Hi. I have a 1924 house with the original wiring that is coated with something, I think it is asbestos. I know I did NOT luck out and get the metal sheathing. Darn. Needless to say, I don't have ground wiring. I just read someplace that installing GFI's would be helpful in my situation, but I don't know for a fact if this is true, so I came to this Old House for advice.

What is the easiest and least expensive way to either get me grounded or avoid an electric catastrophe?

Also, a friend thinks that my house may have slats to help keep fire from shooting straight up the walls, and that would be very difficult to change the wiring in that case, considering there is no straight shot downward. Does anyone know if they were doing this type of thing in 1924? I have original plaster walls, and I don't want to tear them out to redo the wiring.