No, the neutral wire and the phase wire do not interchange. The _voltage_ between them changes through a cycle as follows: arbitrarily lets start from zero difference -- so it begins with a zero volt difference between the neutral and phase lines, then to a difference going positive until the difference reaches around 310V (220 * 1.41), then the difference begins to fall until it reaches zero again and then the difference goes negative until it reaches 310V in the opposite polarity, and then diminishes again until it reaches zero.
I used the word "difference" over and over because I wanted to emphasize that it is the voltage _difference_ between the neutral and phase (or 'hot') lines that cycles, NOT the _neutrality_.
Across this same cycle, the neutral line will remain very close to earth ground potential (if the system is wired properly). It may go slightly above and below Earth ground because of voltage drops in the wires due to current flow, BUT the neutral line is always the _neutral line_.
And, BTW, in case this isn't clear, there are NO absolute voltages, only relative voltages. Another way of saying it is: voltages are always _across something_ or _from one point to another_. Even when you say, "the voltage is..." you are speaking in terms of a relative value. The complete phrase is, "the voltage is X relative to _ground_ [or _common_ or _neutral_]. It's just easier to omit referring to the reference. But, it's understood by convention.
I belabour this because it's important to get the language right, otherwise your colleges may misunderstand your meaning.