How do I run a 3 Phase/1hp TEFC motor off of a regular household outlet?
I'm sorry, but from the tone of your question, and the fact that you even suggest plugging this motor into a regular 15A receptacle tells me you are so far over your head your only valid option is to hire a pro to wire this. This is NOT a simple DIY job and you cannot simply ask questions to get every little detail out of an internet message board to do this job properly and safely.

I'm sure I'll get negative marks for this answer but I stand by it firmly.

The other, and cheaper option is to unload this 3-phase motor and get a single-phase motor. I bet a 1hp single-phase motor is cheaper than the phase converter itself. 1HP is not that big and single-phase versions are readily available. 
You'll still need a new dedicated circuit for it but it'll save you quite a bit in the long run.