220/240 is not hard. It probably isn't something to try and explain over the internet though as anything electrical can be somewhat hazardous. Basically, you need to know what you have now in terms of space in the breaker box and amount of service, and what you want for an end result( ie. ability to run a 1 or 2 hp motor without popping breakers etc.)
A fuse for a 240V line is going to take up 2 of the spaces that a 120V 15amp breaker takes up in your breaker box. Take a look inside and see if you have room for one. If so great. If not, thats a minor set back.
Next take a look at you main breaker and see how many amps its rated at. Depending on your maximum service, you may pop the main breaker by running the grinder while someone in the house is running the washer,dryer,microwave or other big appliances( or would have to be more than one at the same time usually).its surprising how much of your service is used up when you start adding up all the lights and appliances that are in you house. And lot fo them are on all the time like frezers,refrigerators,airconditioners and furnaces etc. Thats not a big deal other than it can be an annoyance, and you'll want to keep that in mind when you start turning things on.
Or keep a flashlight by the grinder so you can go find the main breaker and flip it back on when you need too

Check out your grinder now. How many Amps is the motor? You'll want a breaker that exceeds that. Also, take a look at the plug. You'll want to get an outlet that matches it,most stores carry about 47 different shapes and sizes so its only a matter of going to the shelf and grabbing one with the same prong/hole configuration.No big deal.
Write all this down and head for the home improvement store. Lowes and Home Depot are good, alot of times retired electricians will work part time/full time in that department as they try to keep people around who can answer questions. If you have a store nearby that deals in electrical supplies that would be even better.
Get someone in the store to help you find the breaker, wire, outlet and everything that you need based on the information you've got about your stuff at home. After that its basically just snapping things into place and tightening set screws.The hardest part will probably be running the wire from the breaker box to wherever you want your outlet. Anyone with experience working with electric should be able to show you how the stuff goes together pretty easily.Its not something to get into for specifics online though as theres too many things that can be confused when your not holding them in your hand looking at them.