BRUCE C
220 comes from a delta configuration 240 from a Y configuration. you box amp rating should match or exceed the total combined amount of your breakers.

kravdraa
240/60/1 240 volts AC (no practical difference for YOU 240 versus 220) 60 means 60 cycle power. Standard in the US (In Europe the standard is 50 cycle) 1 means single phase. Again standard household power. You will need a Dual Pole, 220/240 volt circuit breaker. You will have two hot leads coming from the brekaer to the compressor. 1 neutral goign to the neutral bus inthe circuit breaker box 1 bare (copper) ground goign tothe ground bus inthe CB box. :-) Eric

Jim W
Call a qualified professional electrician to do the job correctly. THis sounds like it needs a new feed of at least 100 amps and a proper grounding system and an inspection for insurance purposes. If the work is done without an inspection, it will impact your ability to sell the property. From the description your system is quite old and in need of R/R. The other answers seem to cover the rest of the info you asked.