It's actually 120V/~208V. If you're feeling frisky, you can confirm this by going around between random pairs of outlets in your house and comparing the right slots from two different outlets until you find a pair of them that are out of phase from each other.
Fundamentally, the power grid is based on three phase power. Typically, the average telephone pole will have four power wires on it, and one or two thick bundles of phone line or maybe cable TV, I dunno. Three of those four power lines are the three phase electricity, and the fourth is the common neutral line that is ideally near 0V, but typically fluctuates a bit.
Only three out of those four lines enter your house. One is is the neutral line, the other two are just two of the three power lines. Those two power lines are not 180 degrees out of phase, they are 120 degrees out of phase. If they were 180 degrees out of phase, the math is simple: it's obviously just 240V. Since it's 120 degrees out of phase, you end up with a sine wave that looks something like 120\(sin(x)-sin(x+pi\2/3)). (only you need to adjust it for frequency) If you're better at your trig identities than I am, you can calculate that out exactly, but for simpletons like me I just plug it into my calculator and find a local maximum of 207.846 something.
(note: In the US, we use neutral and ground to refer to the common center of the three phase power, and the wire that is buried in the ground near your house, respectively. In the UK, I think they call these two wires ground and earth, respectively. Note that the term "ground" has a very different meaning (read: one of them can kill you, the other one keeps you safe) depending on the context.)