Wow....what a deal! There are devices called AC Inverters or frequency drives that allow you to generate the third phase from a single phase input.
These are NOT rotary/static converts but solid state, programmable drives. The abound on e-bay and are pretty cheap in the small HP's.
I have several in my shop powering a three phase lathe, Bridgeport and drill press. There is no 'free lunch' electrically speaking, but one of these devices allows you to find a slightly larger air compressor at the dime-a-dozen three phase price.
Stuart
