Quote: Technically, unless you get them lined up exactly with each other, they should cancel everything and give you no picture. In reality, it probably won't be perfect and you will get some light transmission but I wouldn't know how to measure or meter it.
Not true! If the light from the first polarizer is perfectly polarized (it should be close), then it is the cosine of the angle between the polarized light (or the axis of the first polarizer) and the second polarizer's axis of polarization that will determine the amount of light that gets through. If they are parallel (angle=0 ==> cosine = 1), all the light that gets through the first filter goes through the second one (this is probably the case you were thinking of), If they are at 45 degree angle (cosine = 0.707), then 0.7 of the light gets through. Only at 90 degrees (axes crossed exactly; cosine=0) will (nearly) all the light be attenuated.
Think of looking through a polarizer at something that is highly polarized (reflection from water, say). The reflected light doesn't go away for all but one angle of the filter. The variation in light CHANGES as you rotate your filter. Same effect here (and this is how variable ND filters work, in fact).