I am not going to get into depth here, but basically you can run a 240 three phase off of 120 up to about 2 hp with a VFD.
The VFD takes the input voltage and frequency, coverts it to DC, and then generates whatever phase, voltage, and current you want.
If you tell it to generate 3 phase 60 cycle, the motor will run at normal speed.
If you tell it 30 cycle, it will run at half speed, etc.
I may be wrong on the 120 at that horsepower. It may take 220 at single phase to go to 2 hp.
I'll find the link to the place I bought my VFD to run my big lathe and post it here in a minute.