Just to clear up some of the nomenclature used so far.
RJ-11 and RJ-45 are connector types. 11 can handle up to 2 pair (4 wires) and 45 can terminate 4 pair (8 wires). RJ-12 is a 3 pair (6 wires) connector.
Ethernet is a layer 2 internetworking protcol. It specifies the use of cat 5 cable at a minimun and rj-45 connectors at each junction point...I think.
Cat 5 is a cable specification, defining the number of pairs in the cable (4 pairs or 8 wires) the number of twists per inch of each pair and the twists of each pair per inch of the 4 pair in the cable. There are also some EMI, impedence, and gauge specifications also, which must be adhered to in order to qualify for the Cat 5 designation.
"regular business phone." is a laymens term which could mean anything. Each phone line requires a single pair, therefore three lines will require 3 pair, one line one pair, 4 lines 4 pair...etc...
Essentially you could run one phone line on cat5 terminated with rj-45s at the wall and an rj-11 at the phone (leaving two of the four pair unexposed and unterminated.)
Something else interesting with cable terminations are the 568 A and B standards. Check them out if your interested.
FYI,
-bear
PS..To answer the question presented. Yes, ethernet cable would qualify as 8 conductor phone cable, however...8 conductor phone cable is not necc ethernet.
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