I got confused by some of the replies(no offense intended).
There a couple of ways to get 3 phase out of regular 220.
A: A static or rotary phase converter
1:cons
a:now your are driving TWO motors and using more power
b:static inverters reduce the HP output of the motor in question
2

ros
a:if you buy a big enough inverter, you can run more than one machine on a single inverter.
B: VFD(variable frequency drive)
1:cons
a: they are DESIGNED(i hooked my up through the control panel and haven't blown anything up yet. I tried to do the same on my mill, but it wouldn't work) to be connected directly to the motor, which means your controls on the lathe won't work. You can hook the machine's controls to the low voltage terminals on the vfd and have them work as intended though.
b: only one machine per VFD
2

ros
a:they are completely adjustable in almost any way you can think of(want to run an infinitely adjustable lathe that, if you wanted to, can turn at twice it's rated speed? no problem, dc brake? no problem.....ect...ect...ect.)
b:they are cheaper than phase converters
Run a VFD and forget converters. 3 phase is superior in every way. They are not hard to wire up and you will be happy....without a doubt.