A motor-generator can be used to convert electric power from one voltage x current combination to another voltage x current combination. Such systems have been used, and are sometimes still used, for exactly this purpose. One advantage is that a large flywheel can be added to the shaft, effectively low pass filtering the average power. This can be useful for eliminating spikes and short term fluctuations. Such a system can also easily be made so that the input and output are electrically isolated from each other. Yet another advantage is that either side can be AC or DC independent of the other, and if AC, need not be the same frequency or be phase-locked.
However, no power conversion system, including a motor-genrator, can produce more average power out than in. In reality such systems all have losses. Let's say for example that the motor and generator are each 90% efficient (good but achievable), then the overall motor generator will be only 81% efficient. If you put 1 kW in, you only get 810 W out. The remaining 190 W will be dissipated as heat in the coils, the bearings, etc.
You can change the combination of voltage and current, but the voltage x current product out (power out) can't exceed the voltage x current product in. For example, using the overall 81% efficiency from the example above, 10 A at 100 V in could yield 8.1 A a 100 V out, or 68 A at 12 V, or 810 mA at 1 kV, etc.
There is no free lunch (or energy).