There is a lot of misinformation (and plain wrong info) in this thread. Rather than point out any one, I'll just say Slimshanee has it right. Period. In the US at a properly wired power outlet, white should always be a neutral, green or green/yellow should always be a safety ground, and red + black are always hot wires. Wiring between switches and lights or ceiling fans are not at issue here, but even then white should always be neutral, green a ground, and black should be hot. (If you need 2 hots to get power to a fan and light, for example, use blk and red, not blk and white).
It is legal but not recommended to use colored heat shrink tubing or tape to identify/change the wire colors at termination. It isn't worth it IMHO.
Note that in some countries this is different. Euro style 230 VAC is single hot, 230 V from hot (blue) to neutral (brown). American 220 V is always 110 hot to ground and only 220 hot (black) to hot (red). In Mexico many people use white as their hot and black as neutral. I dunno why but here in S. Texas we run across it all the time when backyard Mexican 'electricians' are at work.
I make a living engineering power systems of all types (though mostly 3 phase industrial we still see a lot of single phase) and worldwide codes (NEC in the US, ATEX in the European Union, CSA in Canada, etc.). I know, never trust the engineer, but I'm siding with the electrician so that should count for something!
Systems are designed this way for many reasons. Sometimes the ground is undersized (as allowed at times by NEC). Sometimes it only has a paper tape for insulation. GFCI outlets and breakers depend on the imbalance of current flow between hot(s) and neutrals via the ground path. All of these are examples of pitfalls where not keeping to the standard can cause trouble or serious hazard.
To the original question: Splitting a 220 4 wire outlet into 2x110 outlets works, but the breakers are tied in the panel so when one trips they both go. Also, most household 220 outlets are higher amperage, so you will be plugging in a device with a cord sized for 20 amps max into an outlet protected by a 30-70 amp breaker. It is entirely possible for the cord to melt (explosively, arcing molten metal everywhere and starting fires) before the breaker trips. That's why there are dozens of unique outlets matched to voltage and amperage in the NEMA outlet chart.
Power cords make lousy fuses. Skin is a terrible insulator. Stay safe guys!