The following information is to clarify exactly what type of power cable is supplying a typical electrical service in the states, and how it does so. In no way am I providing directions to service, move or alter the installation.
First, a giant misconception is that there is HIGH VOLTAGE supplied directly to your house. There is extremely high and dangerous voltage nearby, but it feeds the transformer up on the pole, which converts the power to 120 and 240 volt power you use inside of your home. In your case, there is a surface mounted cable assemble that is connected to the incoming utility wire on the upper end, and the meter base on the other. it is typically designated by the letter code SEU or service entrance "U" shaped, as opposed to SER, or round shaped. It looks like the following illustration:
http://www.encorewire.com/wp-content/uploads/EncoreWire-AL-SEU.jpgIt consists of two 120 volt hot wires, which are identified as red and black wires, the individual strands surrounding the wire are twisted together to form the neutral wire at each end of the cable. They also provide a bit of a shield when wrapped around the hot wires. If the insulation deteriorates severely enough, the hot wires will short to the neutral wrap and blow the fuse on the high voltage transformer.
IF the cable is in good condition, and you are confident in what you are doing, pulling individual cable clamps, attaching it to the wall, is not very risky. When dealing with service entrance cables, I wear safety glasses and never do the work on an aluminum ladder. You can gently pry the cable away from the surface to prep and paint, then reattach the cable straps. It's important to never remove the "point of attachment" which is where the utility company clamp holds the wire stretching over to the transformer. This connection is often extremely stressed, and all hell will break lose if that clamp is removed, since the clamp and hardware support a surprisingly large load.
In most locations, the wiring from the point of attachment, to the power pole, often called triplex, is owned and maintained by the utility company. They will send a supervisor to the house to inspect it, and assess if it's a hazard to anybody working on the place. Typically this cable is in pretty good condition and safe as it's designed to hang, out in the weather for 1/2 a century or more.
All of this assumes that you are not working on an Aluminum ladder, not dealing with a heavily worn or damaged service cable, and are confident that you understand exactly what you are doing. If the cable is a frayed, worn mess, it needs to be replaced, and there are larger issues than painting.
