Is it possible? Sure. Do you want to spend money and rack space on installing transformers in each of your racks? Sounds like a losing proposition to me.

You could get three phase branch circuits and PDUs. That will reduce the number of cables and probably save you on installation costs, but you'll still have the same amount of current-bearing conductors (but less neutral and ground conductors) as if you provisioned individual 110VAC circuits. I believe both APC and BayTech make three phase managed PDUs.