[Sam Kapasi]

well, yes and no.
Literally speaking, a 3 way "system" is an ideally matched component set, where the sound is divided using passive crossovers (provided by the manufacturer) into 3 different speakers.
But in actuality, when you have 3 different speakers playing 3 different sounds, that too is a 3 way system.
The only difference is that the crossing over is done electronically into TWO ways - the Lows are electronically sent to the subwoofer amplifier and the mids+highs are sent to the comoponent amplifier and then to a passive crossover which is supplied with your 2 way component system.
So though the division (electronically) is done into 2 ways (bass and mid/high), the mid/high is further divided into mids and highs using a passive network.
Umm... The End.