You can get 120V AC to give you 240V, or 208V, depending on how it is generated, transformed, and delivered. Sometimes, losing a wire in the circuit does not affect the voltage at your appliance. This is a black art to the uninitiated.
Set aside a couple of hours for reading and pondering, and go educate yourself. Read this for a discussion more directed at the layperson, and then read this slightly more technical discussion which is heavier on theory and several pages long.