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Not without another 3-phase motor, a "pony motor," or maybe some crazy expensive solid state "wizard black box." Here is the cheaper way:

You would need an appropriately rated transformer to bring your single-phase supply voltage up to the voltage required by your 3-phase drill press. I am guessing that must be 480 Volts. Check around farmers' auctions.

Your single-phase transformed voltage must be applied to two of the three windings of your same-rated (480 V) pony motor. The physical output of your pony motor is simply a balanced flywheel mounted directly onto the shaft, to provide some mass and inertia. A 2 or 3 horsepower pony motor could handle well more than a small drill press.

When you apply your transformed voltage (480) to the pony motor, it will hum and refuse to move, since it requires 3 phases to know which way to go. This is the part where you grab the flywheel and give it a good hard spin in the appropriate direction. Your pony motor must be a typical squirrel-cage induction motor.

Now the pony motor is not just a load. Its remaining winding, combined with the two others supplied, will add the 3rd phase power at 480 Volts, provided the flywheel does not absorb a significant part of its rated power capacity. The motor becomes a generator. Michael Faraday would be proud.

Viola! three-phase power from common household supply voltage. All you have to figure out is where to connect all the wires. Good luck, fellow hole-Poker.

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