There is no positive or negative wire in AC since the current changes directions periodically (60 times per second).
Household AC systems (in the U.S.) are usually comprised of 3 wires: A "hot" black wire, a "neutral" white wire, and a "ground" wire which can be either green or bare (no insulation at all). The ground wire is, in fact, a safety route. But not for "excess voltage," as you stated, rather for a loose hot wire.
Normally, there is no current running through the ground wire. Suppose you had an electric device that was housed in a metal box that was sitting on an insulated table. Suppose this device ran on 120 volts AC and had no ground wire (only a 2-prong plug). If you were to plug that device in and turn it on, and some part of the circuitry inside that box came loose and came in contact with any part of the metal box, the box would become energized, waiting to find a path to ground. This is just like the hot side of the wall receptacle, which is always hot, waiting to find a path to ground, but much more accessible. If you then come in contact with that metal box, it would be the same as sticking your finger in the hot side of the wall receptacle: if your body is adequately grounded, you will receive a shock. This is the reason for a ground wire: it is connected to a ground rod at the main panel and when you plug your 3-prong plug into the receptacle, the ground wire in your device is connected to the ground rod via the house wiring. Inside your device, the ground wire is connected to the metal case, so that now, if a hot wire comes loose and makes contact with the metal box, the voltage will travel through the ground wire back to the ground rod. Since there is very little resistance, the current will be very high, and the circuit breaker will trip, quickly shutting off the voltage hopefully before anyone has a chance to touch the energized metal box.
A neutral wire is generally safe to touch (don't go sticking your fingers in any live circuits or power panels to check), UNTIL a circuit is made. At the panel, the white wire is connected to the ground rod, which brings it's potential to that of the Earth (which, of course, is generally safe to touch), so there should be 0 volts on the neutral wire (in reference to ground). When you plug a device in the wall and turn it on, you are completing a circuit from the hot wire, through the device (which does some kind of work), and back to ground through the neutral wire. Now that current is running through the neutral wire, it is unsafe to touch. So, you see, the neutral wire is an intentional route for the current to flow from hot to ground, whereas the ground wire is an unintentional route (a safety route) from hot to ground.
It is entirely possible to have a system (house wiring, for example) with no ground whatsoever (not even a ground rod near the panel). There would only be 2 wires in this system having a potential of 120 volts between them, but since there is no reference to ground, each wire may have a potential of anywhere from 0 to 120 volts to ground. Basically, you would have 2 hot wires with no neutral and no ground. This system would run any 120 volt equipment without damaging it, but without the safety of a grounded system.
Remember that current is what shocks you, not voltage; when you get shocked, you are feeling the current run through your body (you are completing a circuit with your body). If you were completely insulated from ground you could touch a live wire without getting shocked (although I don't suggest it).
Hope this helps...