During a SQL select, the DB is always going to refer to the metadata for the table, regardless of whether it's SELECT * for SELECT a, b, c... Why? Becuase that's where the information on the structure and layout of the table on the system is.
It has to read this information for two reasons. One, to simply compile the statement. It needs to make sure you specify an existing table at the very least. Also, the database structure may have changed since the last time a statement was executed.
Now, obviously, DB metadata is cached in the system, but it's still processing that needs to be done.
Next, the metadata is used to generate the query plan. This happens each time a statement is compiled as well. Again, this runs against cached metadata, but it's always done.
The only time this processing is not done is when the DB is using a pre-compiled query, or has cached a previous query. This is the argument for using binding parameters rather than literal SQL. "SELECT * FROM TABLE WHERE key = 1" is a different query than "SELECT * FROM TABLE WHERE key = ?" and the "1" is bound on the call.
DBs rely heavily on page caching for there work. Many modern DBs are small enough to fit completely in memory (or, perhaps I should say, modern memory is large enough to fit many DBs). Then your primary I/O cost on the back end is logging and page flushes.
However, if you're still hitting the disk for your DB, a primary optimization done by many systems is to rely on the data in indexes, rather than the tables themselves.
If you have:
CREATE TABLE customer (
id INTEGER NOT NULL PRIMARY KEY,
name VARCHAR(150) NOT NULL,
city VARCHAR(30),
state VARCHAR(30),
zip VARCHAR(10));
CREATE INDEX k1_customer ON customer(id, name);
Then if you do "SELECT id, name FROM customer WHERE id = 1", it is very likely that you DB will pull this data from the index, rather than from the tables.
Why? It will likely use the index anyway to satisfy the query (vs a table scan), and even though 'name' isn't used in the where clause, that index will still be the best option for the query.
Now the database has all of the data it needs to satisfy the query, so there's no reason to hit the table pages themselves. Using the index results in less disk traffic since you have a higher density of rows in the index vs the table in general.
This is a hand wavy explanation of a specific optimization technique used by some databases. Many have several optimization and tuning techniques.
In the end, SELECT * is useful for dynamic queries you have to type by hand, I'd never use it for "real code". Identification of individual columns gives the DB more information that it can use to optimize the query, and gives you better control in your code against schema changes, etc.