Create custom home page layout in magento

1.)  First go to app/design/frontend/rwd/default/layout/page.xml and following  code after one_page colamn structure

<page_home translate="label">
        <label>All home Layout Pages</label>
        <reference name="root">
            <action method="setTemplate"><template>page/home.phtml</template></action>
            <!-- Mark root page block that template is applied -->
            <action method="setIsHandle"><applied>1</applied></action>
            <action method="setLayoutCode"><name>home</name></action>
        </reference>
    </page_home>

2.) second open app/code/core/Mage/Page/etc/config.xml file and set following code after one_page colamn

<home module="page" translate="label">
                    <label>Home page</label>
                    <template>page/home.phtml</template>
                    <layout_handle>page_home</layout_handle>
                    <is_default>1</is_default>
                </home>

3.) And last go to admin->cms->pages in content tab select your home page.