You can use a polarising filter as an ND, but you won't get more than two stops extra exposure of overall neutral density from it, probably a little less - most are about 1.7 stops.
In addition to that, areas of the subject that are darkened by the polarising effect will be affected more. That depends entirely on the amount of polarsied light there is (not on the filter) and is typically an extra two or three stops on top. However, it only affects certain parts of the image so is not really the effect you are looking for.
Using two polarising filters together is fine in theory but in practise there are a few problems that make it both difficult (vignetting, potential image degradation, trouble adjusting exposure) and, at the end of the day, as expensive a solution to do properly as buying a custom ND. Hence its lack of popularity. However, you do get a variable ND out of it.