I have think I have a stray voltage in my spa. I am not sure if I am checking it correctly. When I put one lead of my multi meter in the water, and hold the other one to the neutral I am getting about 48 volts. on the line one and two I am getting 96 and 135 VAC. My wife says that it tingles her fingers when she touched the water. I can not feel it though. Is there a way to check it? Any help would be great. Thanks. Also, does it matter which hot wire goes to the L1 or the L2 side since they are both 110 and are using the same neutral?

First, you need to get a GFI breaker on that tub, IMMEDIATELY. DON'T PLACE ANY PART OF YOUR BODY IN THAT WATER UNTIL YOU DO! If you have a GFI, it's either hooked up wrong, or shot! Your heater element is probably cracked, and leaking current into the water. A good GFI would detect this current leakage and kill the power before it kills you.

Get that new GFI in there and watch it trip off as soon as you try to turn it on. That will show it's detecting that current leakage. Then disconnect the two wires going to the heater element and isolate them (wire nut) and turn that breaker on again and see if it holds this time. If it does, replace that element.

Second, no, it won't matter which 120 feed goes to L1 or L2. They are each 180 degrees out of phase with eachother, which provides you with your 240V, but it doesn't matter which is which.

if you want to feel that stray current, put an open cut in there, and I guarentee you will feel it plain as day (don't do this, really)