Yes, Ricky you are right.
Rajesh, the "/1" is just a labeled used to mount the partition instead to "/" directory as the parameter "LABEL=/1" explains to you. Traditional days, people use the partition to mount using disk partitions instead of LABEL.
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Old days - sda is your First SCSI disk example
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/dev/sda1 / ext3 defaults 1 1
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Nowadays
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LABEL=/1 / ext3 defaults 1 1
Also, since you want to change the LABEL of the root partition "/". You will need to get your boot cd and switch to rescuemode to change it.