The service drop into US homes is typ. 220vac single phase; 2 - 110~120 vac and a common ground from the pole. There’s the ’local’ ground, a bare copper line running to an earth ground nearby. That grounds the metal cabinet, and is a ’back-up’ if sh*t gos’ south.
The box inside has a ’left’ and ’right’ 110 leg, single phase, ’hot’.
Otherwise, some of the shop tools I own are running on magic.....
You can run your own line, but a step-up will be cheaper....
If you've only the single hot leg...
You ought to rewire. Your wiring is likely 'knob and tube' if your home hasn't burnt down....yet....
Just sayin'
...and less exciting if you make a mistake... ;)