If you mean Caron One Pound as opposed to just any pound of yarn, then it is machine washable and will not shrink. It should not bleed. And yes, it is good to crochet with.
http://www.caron.com/yarns/one_pound.html
ETA:
"One Pound" is the name of a specific yarn, manufactured by Caron. Like "Accord" is the name of a specific style of car manufactured by Honda. I think the asker is asking specifically about "One Pound" yarn as opposed to yarn that is sold by the pound.
Acrylic yarns in general are easy care, which means they can be hand washed and dried, and unless they are very cheaply made, they should not bleed. I personally prefer the texture of most Caron yarns over most Redheart yarns. But I prefer natural fibers significantly more than any acrylic. It's a matter of personal preference. If you choose an acrylic yarn, you shouldn't need to worry about laundering as it will be pretty much the same with all acryllic yarns. So focus on the feel of the yarn. Is it pleasant on your hands? Because every inch of it is going to pass over your index finger at least once. You'd also like a yarn that is tightly spun so that you don't have to fight your hook to keep it from accidentally splitting through the middle of the yarn. Most of your basic worsted weight yarns are at least adequate in this respect. The ones that tend to cause trouble are the ones with special effects like special textures in the yarn itself.
