Excellent question.
The L1 point is not a fixed point in space, that is to say a location a specific distance from the Earth or from the Moon.
The L1 point (as you no doubt have read) is where the Earth's gravitational field and the Moon's gravitational field are of equal strength
If you picture the Earth and the Moon's gravity fields as dents/warps in space/time, L1 is simply the point where those to fields meet and there is a little flat spot, like the top of a hill.
And, essentially, it is. If you put an object just a bit Earthward or a bit Moonward of the L1 point it would fall towards that body.
This is, of course, imagining the Earth/Moon system as being fixed, or more techically, viewing it in a co-rotating frame.
It's unfortunately much more complicated.
1) the Moon's Orbit is elliptical. That means, in a corotating frame the Moon doesn't just sit still. It moves towards the Earth and away.
Also when the moon is at it's perigee, it's moving faster, so on our corotating picture, it would be a bit upspin. At apogee, it's moving slower, so it'd be a bit downspin.
So, in a corotating frame the Moon doesn't sit still, it does a little bean shaped orbit around the location it'd be in if it's orbit were a perfect circle.
1a) the Earth isn't exactly still either. The Earth Moon system rotates on it's barycenter, located a couple thousand kilometers below the Earth's surface, but NOT at it's center.
2) F = G(m1*m2/r^2)
This means that nice L1 point (and L2, L3, L4, L5) moves around, at the balance point between the Earth and Moon's gravity fields.
3) It's the top of a hill, essentially, and with no friction things roll off of it.
4) It just isn't just the Earth and Moon. The Sun( and Jupiter and Venus to a much smaller degree) also have gravity fields that affect the Earth Moon system.
Look up '3 body problem'--its very very complex.
So, you pretty much cannot put an object at L1, L2, L3 as they are hilltops which move around at the whims of the
but that doesn't mean you cannot put an object around L1. Look up the subject 'L1 Halo Orbit'
http://en.wikipedia.org/wiki/Halo_orbit
http://en.wikipedia.org/wiki/Lissajous_orbit
These are stable, kind of. Both require a lot of computation to keep station.