A big magnet will destroy the drive for later use - there's critical data in there that's put on at the factory - a "low level format" though I don't think that term is really appropriate anymore. Opening the drive is bad too - any dust on the platters could be hit by the read/write heads, and scratch the platters, destroying its ability to hold data.
Best option might be to download a data wiper; Norton's WipeInfo should do the trick. Set it to the Government wipe, then have it do it like 10 times. Format the drive, maybe even use a different filesystem. Wipeinfo again. That should definitely take care of it, at least, I figure it would.
Any other thoughts, anyone?
Although, I think the best way to ensure that no data will ever be recovered is to drill several large holes through the entire drive. Then maybe burn it all for good measure. Or heck with that - melt the entire drive. Yes, it may be unusable, but hey, the data's gone, right?