According to the U.S. Department of Energy's ENERGY STAR program, if building cavities are used as supply and return ducts, then:
ENERGY STAR requires that all ducts in exterior walls must be within the air barrier as well as the thermal boundary. It is important for the framer and HVAC contractor to coordinate on the location of a return duct. This allows for proper spacing of the floor or roof structure for installation of the return. If installing supply ducts within the walls, verify that the duct is capable of outputting the necessary air flow. Typically, only double-wall assemblies will have enough depth to allow for proper insulation and duct size. If installing return ducts using the floor or ceiling structure, ENERGY STAR recommends sealing both the exterior and the interior of all return boxes to prevent air leakage.
2009 IECC
Section 403.2.3 Building cavities (Mandatory). Building framing
cavities cannot be used as supply ducts. Section 403.2.1 Insulation
(Prescriptive). Supply ducts in attics are insulated to a minimum of
R-8. All other ducts in unconditioned spaces or outside the building
envelope are insulated to at least R-6.
2009 IRC
Section M1601.1.1 Above-ground duct systems. Stud wall cavities and
spaces between solid floor joists cannot be used as supply-air plenums.
2012 IECC
Section R403.2.3 Building cavities (Mandatory). Building framing
cavities cannot be used as supply ducts or plenums. Section R403.2.1
Insulation (Prescriptive). Supply ducts in attics are insulated to a
minimum of R-8. All other ducts in unconditioned spaces or outside the
building envelope are insulated to at least R-6.
2012 IRC
Section M1601.1.1 Above-ground duct systems. Stud-wall cavities and spaces between solid floor joists cannot be used as supply-air plenums. Stud-wall cavities in building envelope exterior walls cannot be used as air plenums.
Here's a joist cavity being used as a supply duct.
Here's a joist cavity with a disconnected duct. It has dropped down from the floor.
Here's the interior of an insulated duct.
Here's the interior of a joist cavity being used as a supply duct.
Here's a joist cavity being used as the main return duct. This is also the location of the air filter.
This is a panned floor joist cavity being used as supply duct.
Drainpipes should not pass through ductwork.
This ceiling register was part of a return duct that used the floor joist cavity above.
This is a panned floor joist cavity being used as a return duct.
Here are two joist cavities above the central I-beam being used as part of a main supply duct to the second floor.
Here's a floor joist cavity being used as a return duct.
Here's a floor joist cavity being used as a return duct. The rest of the duct was never installed and connected to the HVAC system.
Here's a floor joist cavity being used as a supply duct.
Summary
Minimizing air leakage from ductwork can help reduce home energy loss, lower utility bills, increase comfort levels, and make the HVAC system operate more efficiently. Recognized and acceptable duct materials should be used for all HVAC airways. Acceptable duct materials include galvanized steel, aluminum, fiberglass duct board, and flexible duct. The duct layout should be considered in the initial framing design stage. Building cavity space alone should not be used as a supply- or return-air pathway. For the cavity to serve as a supply- or return-air pathway, it must contain a sealed, insulated duct made of approved duct materials. A duct-blaster test can be used to detect duct leakage and to confirm proper air flow at each duct supply outlet.