Is it possible to convert single phase power to three phase power?
Yes, there are converters. The two basic types are "static" and "rotary". Static are lower in cost, but only are able to power the machine at 2/3 the rated power. For example a 10 hp connected to a static converter runs at 6.6 hp. A rotary converter will provide full hp, but is more expensive. As per the price, pls contact for details.

What is the difference between single phase and three phase power?
In simple terms single phase has 3 wires - 2 "hots" and a ground. Three phase has 4 wires - 3 "hots" and a ground.