32, in the USA we create 240 by 'center tapping' a single transformer, and grounding that center tap.
What that means is that there is 240 between the 'ends' of the transformer, and only 120 between either end, and the center. This grounded center tap becomes the neutral.
Since the transformer is center tapped, the "120" from either half is exactly out of time with the 120 from the other half.

So, for this plug ... the X and Y are for your 'hot' wires. There should always be 240 between then.
The "W" is for 'white' ... the color of the neutral wire. Either 'hot' wire should read 120 to this point.

The "G" is the 'ground' wire, a separate conductor that is kept separate from all other conductors until you reach the main disconnect at the service entrance. Only at that point are the neutral and ground wire connected.

The neutral is used for carrying current all the time; the ground is used only if something breaks- and then only so that the breaker can trip.

There ought to be very, very little voltage measured between the neutral and ground. More than one or two volts, and you have an issue that you need to look into. Most often, these voltage reading are 'ghost' readings, caused by a 'dead' wire running next to a 'hot' wire.

The pic shows 120 between the neutral and ground. There are several things that might cause this ... all of them bad.
The neutral may be open. If that is the case, every neutral 'downstream' of the open connection is now a 'hot,' just waiting for a chance to zap you.
Someone may have mis-wired the receptacle, and one of the 'hot' sections is really the neutral. This means that any 120 load on this circuit will be treated to 240.
The receptacle might be used on the wrong type of system. For example, if used on a three phase system, with three 'hots' and no neutral. If so, again, any 120 load will be exposed to 208 volts.


Finally ... and this is the possibility that is most dangerous ... it is possible some clever sort downstream decided to use the pipe as a 'neutral' ... and the pipe is not bonded all the way back to the panel. If that is the case, the pipe is now 'hot,' just waiting to kill someone.