If the load is light (expect no more than 50% of the rated horsepower) it should work for a while, but it will run hot. AC motors run at a "slip angle" - the phase difference between where the armature would be if it had no load and where it is under load. The heat produced is trigonometrically proportional to the slip angle, and decreased frequencies mean greater slip angles.
The voltage is actually the same - here in the States we called it 110/220 volts for a long time although it is actually 117/234 volts nominal. Now we call it 120/240 volts. More.
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