Grounded outlet has ground wire attached to neutral post, neutral wire isolated and not connected
This is NOT okay.  

Use a multimeter (or voltmeter) to test the grounded (neutral) conductor, to see if you're getting the proper voltage between it and the ungrounded (hot) conductor.

If it tests okay, wire the receptacle up the way it's supposed to.

If not, you'll have to trace back through the circuit, and try to figure out what's wrong.