Any one knows how two way switches work?

Answer 1

I'll try to explain. A three-way switch is basically a single pole double through switch. A common terminal and one normally open (NO) terminal and one normally closed (NC) terminal. So when the common terminal is powered no mater which position the switch is in one of the other terminals (NO or NC) is powered (that is how the switch works). When two wires are then run to the second switch and connected to the same terminals on the second switch as (NO) to (NO) and (NC) to (NC). Then the common terminal of the second switch is connected to the load (light ,fan, etc.) The load must have a neutral (white) wire connected to it also. So no mater which position the switches are in each switch can turn the light on or off. I've added a link to show how the circuit is wired. Hope I didn't make this more confusing.

Answer 2

All switches are 2 way - either on or off. However I think you might mean setting one switch up with another to act as a two way. For example, you can have a switch downstairs and upstairs to turn the light on or off. There is a split in the loop which allows either switch to make or break the circuit to the light, thereby creating a two way lighting circuit.
Hope this helps

Answer 3

Basically, there are two sets of wires connected to the switch; the switch, rather than switching between On and Off, switches between Circuit A an Circuit B. When both switches are switched to the same circuit, then the light is on, and when they're switched to different ones then the light is off.

Answer 4

I believe you mean 3 way You must have 14-3 between the switches that is 3 shielded wires.
http://www.handymanwire.com/articles/3wayswitch.html

Answer 5

It's hard to draw a figure here, so I'll reference you to several in Wikipedia:
http://en.wikipedia.org/wiki/Light_switch#Three-way_and_four-way
You are interested in the second figure.