Just to elaborate on Garbz' post:
An ideal polarizing filter, whether linear or circular, would act as a 1-stop ND filter for 'unpolarized' (randomly polarized) light. That's because it stops light that is polarized in a certain direction, and randomly polarized light will have 50% of its energy in any given direction of polarization.
Anything more than one stop loss of randomly polarized light is because the polarizing foil is less than perfect. It could also be less than one stop, but that would be unusual.
If you mount a circular polarizer the wrong way round it will lose a lot of its effectiveness as a polarizer, and act as mostly ND. It will, however, send polarized light to the camera, which may fool the exposure meter and/or the autofocus.
You can make a variable ND filter with two polarizers: two linears (if your camera is OK with polarized light); one linear and one circular; or two circulars with the first circular the wrong way round.
Best,
Helen