One in each direction. Growing up in the country, I drove on a lot of roads that might in theory be 2 lane, but more practically were like 1 1/2.
There are plenty of roads with 8 lanes in each direction, what is crazy is it gets even higher than that:
From Highway - Wikipedia
FWIW, there is a sign on a road near where I used to live saying “1 lane road” it had 2 way traffic and 2 cars could pass each other, though it was tight.; With this sign which is posted by some authority, and that there is 2 way traffic that can travel and not interfere with each other, I would say the use of 2 lane road most mean 2 lanes in each direction. 
I would use “two-lane road” to mean “two lanes total”, except that, if used devoid of context, I would wonder why it was specified (two lanes total being normal) and assume that the speaker may mean something other than that (most likely two lanes in each direction). So it very much depends on the sentence.
“What width of road do you think is sufficient here? Two lane road?” = two lane total
“Does this road become a two-lane road out of the city?” – not sure, but probably two lanes each
A 2-lane road is any road that has 2 lanes between its two edges. A freeway with a grass median forms two separate 2-lane roads or roadways (or 3-lane, etc.)
Form the Definitions section of the “Manual on Uniform Traffic Control Devices”, published by the U.S. Federal Highway Administration http://mutcd.fhwa.dot.gov
- Road—see Roadway.
- Road User—a vehicle operator, bicyclist, or pedestrian, including persons with disabilities, within the highway or on a private road open to public travel.
- Roadway—that portion of a highway improved, designed, or ordinarily used for vehicular travel and parking lanes, but exclusive of the sidewalk, berm, or shoulder even though such sidewalk, berm, or shoulder is used by persons riding bicycles or other human-powered vehicles. In the event a highway includes two or more separate roadways, the term roadway as used in this Manual shall refer to any such roadway separately, but not to all such roadways collectively.
It means there are 2 lanes. You have to say two lane one way or two lane two way or two lane country road as country roads are two way.
Exactly. “Lane” is one of those terms that actually has a meaning. Of course, I understand that common speech doesn’t necessarily follow that.