My house was built in the 50's and has a 2 wire system. Currently the outlet for my dryer is a 3 prong NEMA 10-30. Everything I read goes back and forth between it either okay to use since its already installed and that I run the risk of electrocution if the neutral wire gets damaged. So I have 2 questions:
How much of a risk is there for the neutral wire to actually get comprised?
If my house is a 2 wire system, is there a way I can retrofit a ground wire to the outlet so that I can install a 14-30 4 prong receptacle?
Edit: The wiring to the outlet is a 3 wire cable, 2 hot wires and one neutral.