One post on front page.

I know this has been addressed before, believe me I’ve checked.

But the way I am implimenting doesn’t seem to be working. It causes the page to hang up and it just loads till it times out.

I have my post loop set up like this..

<?php if (have_posts()) : while (have_posts()) : the_post(); ?>
<?php if(is_home()) { query_posts('posts_per_page=1'); } ?>

Is there something I am missing, or something I did wrong? Thanks in advance.