I just looked this up on uptodate.com. High extracellular potassium depolarizes cardiac myocytes and inactivates sodium channels which will decreasing membrane excitability (which I think is similar to "threshold potential" on a cellular level). This leads to a bunch of electrophysiological changes that can be seen on ECG (eg peaked T waves, loss of a P wave, eventual sine wave, asystole/death). Calcium is thought to antagonize the membrane effect of hyperkalelmia, but the exact mechanism isn't well understood. If anyone asks you what the mechanism of using calcium therapy in hyperkalemia within the hospital (eg in a clinical setting) though, the only answer that they are looking for is that "it stabilizes the cell membrane". It's a common pimping question that only has a poorman's clinical explanation. 😉 The other therapies for hyperkalemia (eg diuretics, insulin with glucose, kayexalate, and dialysis) have better understood mechanisms (ie removing potassium from the extracellular area), but calcium is still first line therapy with emergent hyperkalemia even though it does nothing to the actual extracellular potassium concentration.