Since that query makes no sense in Access 2000 or later, you must be using Access 2.0. In Access 2.0, that statement would delete every row in TABLE1. The equivalent statement in SQL 4.21a or later for your Access 2.0 example would be:
TRUNCATE TABLE TABLE1;
Note that you seem to be using a very, VERY old version of Access (possibly even before Microsoft bought the product). Be very careful to state what version you're using, since many things within Access have changed since then.