I recently tried to make a similar controller ( http://arduino.cc/forum/index.php/topic,120703.0.html ). It worked, but was really not optimal since it was a 6 pulse system rather than a PWM one. If I was going to do something for a practical application I would buy a cheap ESC just like a few other people on this thread said.
If you want to learn more about how the devices work, rather than just run a large motor as simply as possible, I suggest reading this article and trying to construct a similar circuit: http://digitalcommons.calpoly.edu/cgi/viewcontent.cgi?article=1129&context=eesp he gave a really nice writeup for how to build one using an Arduino. If I try to build a new inverter I will try to copy his design.