nuetral

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In general terms, Yes.
Look at the definition in Art 100.
In terms on counting it as a current carrying conductor when derating for conduit fill in terms of 310.15(B)(2) {'08 Code}, it depends on various factors. Read 310.15(B)(4) {'08} and see if that answers your question or simply adds to it :D
 
Sometimes

From the 2008 NEC

310.15(B)(4) Neutral Conductor.

(a) A neutral conductor that carries only the unbalanced
current from other conductors of the same circuit
shall not be required to be counted when applying the provisions
of 310.15(B)(2)(a).

(b) In a 3-wire circuit consisting of two phase conductors
and the neutral conductor of a 4-wire, 3-phase, wyeconnected
system, a common conductor carries approximately
the same current as the line-to-neutral load currents
of the other conductors and shall be counted when applying
the provisions of 310.15(B)(2)(a).

(c) On a 4-wire, 3-phase wye circuit where the major
portion of the load consists of nonlinear loads, harmonic currents
are present in the neutral conductor; the neutral conductor
shall therefore be considered a current-carrying conductor.
 
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