Three-phase power, or polyphase power is indeed distributed from the power company with three hot wires (with voltages 120 degrees out of phase) and a smaller, neutral wire, which is the ground.

Assuming a "balanced" load, the instantaneous power delivered to the load is constant in time, as opposed to pulsating with a single-phase power source. This is one of the attractions of three-phase power.

The typical three-phase power connections are the wye and the delta connections. These are the two "canonical" balanced connections that you often see in textbooks.



The wye connection is shown below. A, B and C represent the three hot lines and n the neutral. The phase voltage between each of A, B and C and the neutral is Vp, each 120 degrees out of phase from the others. The line voltage Vl, the voltage between two hot wires, is 3^(.5)*Vp.

                   _____
                  |     |
A   --------------|  Z  |---
                  |_____|  |
                           |
                   _____   |
                  |     |  |
B   --------------|  Z  |--|
                  |_____|  |
                           |
                   _____   |
                  |     |  |
C   --------------|  Z  |--|
                  |_____|  |
                           |
                           |
n   ------------------------

It turns out that if each of the loads Z are identical, no current flows on the neutral wire at all. This is called a balanced load. Therefore, the neutral wire may be totally omitted. Balanced loads are not usually the case in the real world of course, and a small amount of current flows along the neutral wire. This is why it is present (but smaller).


The delta connection is shown below. A, B and C represent the three hot lines. Note that the neutral is not included here, as it is unneccesarry.



A   ---------------------------|
                     |         |
                   __|__       |
                  |     |      |
                  |  Z  |      |
                  |_____|      |
                     |       __|__
                     |      |     |
B   -----------------|      |  Z  |
                     |      |_____|
                   __|__       |
                  |     |      |
                  |  Z  |      |
                  |_____|      |
                     |         |
                     |         |
C   ---------------------------|

There exist wye-delta and delta-wye transformations to represent one type of load in terms of the other. The voltage sources, which were not shown here, may themselves be connected to the load in either a wye or a delta configuration.

Most industrial three-phase voltage supplies are either 480 volts or 277 volts RMS, compared to 120 volts for residential usage. There are many three-phase applications where the ground wire is needed, and some, such as three-phsae motors, where it is not. You will find a mixture of these in the industry.