The neutral is just another phase conductor that happens to be grounded.
When you connect a 120V appliance (load) to a 'hot' and a 'neutral' conductor, then the electrons in an alternating current system move from the neutral through the load to the hot, stop, and move from the hot through the load to the neutral 60 times per second.
To the load, the 'neutral' is just as 'hot' as the 'hot' is, it can't tell the difference. All it knows is when it's connected, it sees 120V.
Now, if you connect a 240V load to two phases ('hots') it's just the same to that load. It sees 240V. It doesn't matter if one of the phases is grounded or not.