Use strtolower() to make the server portion lowercase. (Updated due to previous answer)
$parts = explode("@", $email);
$host = strtolower($parts[1]);
$email = $parts[0]."@".$host;
Also, if you want to standardize the format aswell, you probably want to look into filter_var(), which can sanatize/validate email addresses, along with several other formats.
First, the FILTER_SANITIZE_EMAIL will make sure that there are no illegal characters in it.
$email_sanatized = filter_var('bob@example.com', FILTER_SANITIZE_EMAIL);
Then, FILTER_VALIDATE_EMAIL will make sure it is in a valid email format
$email = filter_var($email_sanatized, FILTER_VALIDATE_EMAIL);