We have done both parks Commando style a couple of times for quick pre-cruise stays. You can hit some of the highlights but there is so much more to see.
If you truly have only one day its worth a try - but ONLY if you are staying on-site and can get Front of the Line access. (It's worth the extra $).
1st you will need a 2-park ticket and arrive at the park opening.
Hit IOA first when its least crowded, Hit Hulk, Dr. Doom, Spiderman and Dueling Dragons (both Fire & Ice). You should have time to catch a show (Sinbad) before lunch (Margaritaville is my fav).
After lunch hit US for ET, Men in Black, Back to the Future, Jaws, Shrek and Terminator. I haven't been to Mummy yet.
Now that's a full day - you'll sleep well.
Lou