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Consider crossman's very nice diagram. I agree there are three phases available.
The sum of sine waves of the same frequency but different phase angles is still a sine wave.
For illustration purposes. Connect one transformer primary across A to N and a second one from B to N. Connect the two secondaries in series, appropriately phased, and with the correct turns ratio and you can synthesize the third balanced leg C. I believe you will find the turns ratio for each transformer is 1/2. Draw the vector diagram. Note sin 30 or cos 60 is 1/2. The vector component 60 deg from one leg of a 120 V leg to nuetral is 60 V, and 60 + 60 is 120.
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