Good Morning Phil, great questions so I will answer and explain below:
1) I have a welder actually a couple of them that operate on 220 volts with a3 conductor cord.
Thats typical for welders that used 240 Volts .......There are Two Hot UNgrounded Conductors L1 & L2 which have 240 line to line, while the Green/Bare Equipment GroundING Conductor is attached to the Equipment Ground Buss in the panel and is there to carry fault current.
2) My generator and some other things use a 4 conductor cord.
Four Conductors being TWO Hot UNgrounded Conductors (L1 & L2 Black and Red),,,,,,,,ONE Grounded Conductor (White Neutral),,,,,,,,,ONE Equipment GroundING Conductor
A REASON WHY 4 CONDUCTORS MAY BE RAN TO A DEVICE IS IF IT REQUIRES BOTH 120 AND 240
Its NOT permissible to use the Equipment GroundINC Conductor for normal return current THE GROUND IS ONLYYYYYYYYYYYYY FOR FAULT CURRENT and doesn't carry any current otherwise, if alls well that is !!
Under the older NEC 3 wires were ran to some home appliances and the Ground may have been ???? used to carry Neutral current (NOW A NO NO)........ Under later code they use 4 wires so the Neutral carries return current and the Ground ONLY fault current. They may have BOTH 120 and 240 loads which is why 4 wires are now used.
NOTE A genset that has a FOUR Conductor Receptacle (IE Three Pole Four Wire Grounding) could be for one that has BOTH 120 and 240 (or perhaps two legs of 120 in phase) and requires the FOUR terminals, Two Hots,,,,,,One Neutral,,,,,One Ground. Those receptacles could be a NEMA 14-50 R or perhaps say a 120/240 Three Pole Four Wire Grounding Twist Lock
3) I've seen adapters for 3 to 4 conductor. How is the wiring on the 3 conductor set up? I know that 220 can be run with only 2 110 volt lines, so is the third lug connected to the ground or neutral or both
Three Conductor is as described above ...For 240 its 2 Hots one Ground...For 120 its One Hot One Neutral One Ground
NOTE Under the new code if you supply a 120/240 SUB Panel from a Main Panel YOU CARRY FOUR WIRES 2 Hots, 1 Neutral, 1 Ground and AT THE SUB (unlike Main) the Neutral and Ground Busses are separate insulated and isolated from each other..
HOW IS THE THIRD LUG CONNECTED ?????????
I dont know from here but above is how Three Pole Four Wire Grounding Receptacles are typically configured
NOTE Some gensets come from the factory with a FLOATING NEUTRAL while some come with a BONDED NEUTRAL for good reason and which way you use it depends on several things above and beyond this discussion
NOTE Some genset uses require a Grounding Electrode (driven rod) while other uses do not
Hope this helps Phil, post back any more questions
John T