If there's no important data in the 'owner 1' account, just go to System Preferences > Accounts, click the lock at the bottom and authenticate with the 'owner 1' account password.
Click the + (plus) button below the pane, and fill out the form to create a new account in your name. Ensure the box to 'enable user to administer this computer' is checked.
Then log out of the owner 1 account and in to the new account. Go back to Accounts Prefs, unlock again (this time with the new account's password).
Select the owner 1 account in the left pane and click the - (minus) button below the pane.
You'll be given a choice of what to do with the home folder for that account - if there's nothing in it you need, select delete. If you're not sure, select to either keep it or archive it; you can delete it later when you're sure you don't need anything from it.
You now have the sole account on the computer in your own name.