Re: Electrical Question
Yes, you should be able to. The plug provides 120/240 V service plus a ground. This is called "single, split phase" power. On a mating plug the connections should be labeled (perhaps inside the plug shell) as follows:
L1 - One of the two hot lines
L2 - The other hot line
N - Neutral
G - Ground
Connecting between N and L1 or between N and L2 will give you 120V. Connecting between L1 and L2 will give 240V. The Neutral allows you to "split" the 240V L1-L2 power in half to get 120V, hence the term "split-phase".
To create a circuit for your compressor and other power tools you will need some sort of small sub-panel to take the 50A circuit and create a 20A cicuit. Do not under any circumstances connect to the 50A circuit directly without an intervening 20 breaker or you will put your compressor and yourself at risk of distruction.
Rather than risk creating a hazard for yourself and others, I'd suggest getting a friend who knows how all this works to help you, or hire an electrician. No offense intended, but if you are asking this question you are probably not qualified to do the job without someone checking it carefully. Personally, I think your best approach would be to replace the 50A receptical with an outdoor sub panel, 20A breakers, and one or two outdoor outlets. When you are done with construction, you can re-route the power to inside the shed, or leave it outside.
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