Yes, but not in the way that the so-called holiday entails. When I'm in a couple, I'll spend the time with my girlfriend and sometimes exchange gifts, but never cards or any other tacky consumerist shit. We simply relax through the day, simply enjoying having free time together, rather than the tiresome shit of going out on a needless candlelit date or cinema visit. Usually us sitting around watching a DVD, sharing some snacks and cuddling up etc.
When not in a relationship, I just spend the day sleeping, playing games, Photoshopping and laughing at gormless idiots who think Valentines is about gifts or overdone romantic gestures. That shit is ridiculous.
On a side note, anyone who lists themselves as "asexual" is genuinely retarded.