"Single" phase is one phase of three phase power. The phase references the peaks and valleys of the sine wave which is inherent with A/C power. If you have three phase power, you have three legs which are constantly changing in relation to eachother. Perhaps a quick Google search can shed some more light on the subject.
A VFD (Variable Frequency Drive) is a good way to get three phase from single phase. The price depends on the horsepower of the motor you are trying to run. They will run you around $150 for a unit that is suited for a smaller horsepower (1HP - 1.5HP) motor.
Do a search on this site for VFD. You should find a few hundred threads. Many of these threads have sources for purchasing such a device. They are simple to hook up and give you decent control flexibility but have some limitations.
Scott
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