Sure, it's done all the time. I'm not sure what the system is in India, but here I think it works this way. (Thanks to an alert reader for catching an error in my first version.) All three phases are carried by wires from the power plant. Only two of the phases are connected to the primary of any particular transformer used to make the power for some houses. In some systems just one phase is used, with the other connection going to neutral. (See http://en.wikipedia.org/wiki/Three-phase_electric_power#Transformer_connections) The secondary of that transformer then usually is wired with a center tap at neutral and two opposite phases at the two ends. You can either get a high voltage between the ends or half of it between neutral and one end.
(published on 03/06/11)
Thanks for this important correction. I've removed my earlier incorrect surmise.
You're right that the key piece of evidence is that high-voltage home outlets are around 115V*2=230 V, not 115V*Sqrt(3)=200V.
Here's a nice link with diagrams: http://hyperphysics.phy-astr.gsu.edu/hbase/electric/hsehld.html
(published on 10/29/13)