patriot 420 is correct. A 240 volt line receives 120 from two different conductors in the wire. It's a 3-conductor wire with a ground, just like
patriot said. I'm a wire jockey as well.
However, i wouldn't suggest that anyone without basic electrical knowledge/experience attempt rewiring anything in the panel. It's one thing to kill a circuit and jack with it. But you and i both know Joe Homeowner shouldn't be opening the panel for anything other than flipping breakers. It's just not safe. C'mon, you've been buzzed before, just like i have
Please add a disclaimer to your posts that include how-to wiring advice aimed at non-electricians, that reiterates the dangers involved with electricity. Also might want to suggest having someone around them while attempting any alterations, when dispensing this sort of How-to-advise...... just in case. We'll all sleep better
While it is completely legal for a homeowner to do whatever repairs/upgrades on his home he chooses, without a license, it's not always a good idea.
Not bashing you at all. Answering questions is one thing, instructions are a-whole-nother shootin' match.
BTW
patriot, welcome to the city. Glad to see we've got another sparky here to help man the thread.
+rep for a good post as well