Currently on Slimfast I eat 1200.Calories a.Day I'm 332lbs. Is.This. Okay? .

Depends. You may be ok but it would be best to work with a dietician. You can actually get "too little" calories and your body will go into starvation mode. In this, it purposely retains fat as a protective measure. There are other metabolic changes. When getting caloric intake down this low, it is best managed by a professional.
No. 332 lbs is not a health weight. You should consult a doctor or at least a nutritionist to design a well balanced diet. Consulting a doctor is also essential to see what physical activities you may safely engage in. Caloric restriction and increase in physical activity are both essential. You doctor can also advise on a healthy weight for your height and body build.