Steve, adding 220 is easy but you have to be careful about the load you pull. I don't know how power is supplied to your shop but for a minute lets assume you have a 120 line going in to the shop from the breaker box in your house. Let's further assume you have a 20 amp breaker feeding the shop.
when the service comes in to the box it comes over two wires. Both carry 120 volts at whatever the fault current for the transformer for your line is....say maybe 1500 amps. There is a third wire, bare and that is a netural wire. Now this is AC and goes +- 60 times a second but you need to think of it as DC with a positive wire and a negative. In the panal the black wires will be positive, the white will be negative and the bare will be ground.
From the 20 amp breaker to your shop you have the three wires "B,W,Gr.
All you need to get 220 is have 2 legs of 120 and the netural. There are a couple of ways to do this. You can cheat inside and take one leg of 120 and split it to two legs. You will be very limited in your amperage then. (Volts X Amps = Watts so determine your electrical needs from this formula) You will only have about 10 amps MAXIMUN for that circuit. In reality it will work out to more like 8.
A better way (The other was a jackleg trick) is to put a 220 volt breaker in the panal and run a 3rd wire to the shop. It's a little more digging but is Safe and will run your equipment more efficiently. A third reason for punning it in properly is due to the split in the shop itself with Jackleg method 1, the voltage will be running slightly out of phase. Standard inductive motors will take that in stride but some of the newer electronic controls want to go back to mama.
A third method and sort of a Kinda Jackleg procedure is to run a 3rd wire from the box but connected to another 20amp, 120 volt breaker that does not have a lot of load on it. This works OK and is better than method 1 but not as good as method 2. The danger here is having an excessive draw on one leg, poping one breaker and burning your motor up because it's running on 120.
Now that I've confused you....have fun
