On 5 Oct 2005 01:21:04 -0700, "blackboab"
scrawled:

The LIVE and NEUTRAL wires are both passing current and the current is
reversing at 50 times a second so that they swap over the roles of
positive and negative.

No, it's live and neutral you're after. Positive and negative are for
DC. I'd forget about the swapping over bit, it sort of isn't relevant.

can i get electrocuted by holding the NEUTRAL ?

Yes

a circuit only needs two wires to be complete.

Technically.

so how does the third wire - ground - fit in the circuit ?

There for protection, as others have explained.
--
Stuart @ SJW Electrical

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