In the US at least, it is entirely possible to teach at a university without a PhD. Community colleges are full of instructors with masters's degrees, and tons of classes offered by major universities are taught by graduate students or adjunct faculty without doctorates.
Your job title probably won't be 'professor', but you'll be doing basically the same work as one.
Your job title probably won't be 'professor', but you'll be doing basically the same work as one.