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Im installing a 3-prong outlet for a dryer. I understand the black and red are the hot wires and the green/copper is the ground. Do I just cap off the white wire on both ends?
 

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NO! 3-prong cords must have the ground and neutral connected together inside the dryer. Normally, there's a metal strap that goes from the center neutral terminal to the chassis of the dryer.

Can you snap a pic of the inside of the dryer for us, and post it here?
 

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Scared Electrician
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You SHOULD install a 4 wire outlet and retrofit the dryer cord(easy). A 3 wire system(which is no longer legal to install for good reason) Has the neutral(white) connected to the plug and the ground is not used and CANNOT connect to the receptical(tho if metal box must connect to box.)

A three wire system used the neutral as a ground(or is it ground for a neutral:)). It is grandfathered in for previous installs, but should be upgraded if practical to a 4 wire system in which you have 2 hots a neutral and a ground.
 

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Im installing a 3-prong outlet for a dryer. I understand the black and red are the hot wires and the green/copper is the ground. Do I just cap off the white wire on both ends?
Where are you installing this receptacle and why???

A new dryer circuit/receptacle install REQUIRES a 4-wire receptacle with a neutral AND a ground.

Even if you had a 3-wire there before I would change it.
 

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What Cowboy and Speedy said!

I was under the impression that he had an existing 3-wire receptacle, and a 3-wire cord (not sure if one has to change the receptacle if it's already there).

But you should change the receptacle, yes, if at all practical.
 
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