You need both a controller and a motor.
If you need help setting it up, Wayne Coe sells them and will help you with it.
It's not difficult to do and you can save some $ by shopping online and getting a used motor.
Three phase power is common in industrial settings so used motors are commnly available.
Go to all the little motor sales and repair shops, they take them on trade and have shelves of used motors for sale.
Wiring the controller is just 3 wires in, hot black, neutral white, and green ground, just like any other 110v electrical item.
You will want to add a switch, not that difficult either.
wiring from the box to the motor is just 3 wires that can go in any order, no chance to screw it up
Chang ea jumper inside and turn some screws for settings.
The manual to a controller is here.
http://www.kbelectronics.com/manuals/kbac_manual.pdf
setup info
http://www.beaumontmetalworks.com/pdfs/VS-setup.pdf
getting a used motor
Look for
1.5 HP
220v
3 Phase
3400rpm
tefc
56C frame That gives you a 5/8" shaft that will probably match the pulley you have.
You need the face mount to mount it not the foot (I think, never seen a JL in person)