Don't give up on your dog. If you got him @ 1yr, someone else has already gotten rid of the pooor thing, don't do it to him all over again.
I have a pitbull and he did the same thing until he was over 2yrs old. Your dog is still young, and has a trememdous ammount of energy to burn up. Expending some of his energy on walks will help, but the main thing is time. We tried to board my dog up in the kitchen w/ child gates, sometimes he was good, but most of the time he wrecked the place. He was house broken but would piss on the floor, he ate some cupboards, some moldings, tore all our coats off the wrack, and would generally just get into everything he possibly could (besides the garbage, he has never messed with that).
The sedative may work, but unless its your last resort, I would avoid it. I don't like drugging my dog, but I have to give him steroids for his allergies, he is allergic to evreything. I am working on ways to get him off the roids.
My advice, discipline the dog when you come home and you see he has went ballistic. I don't mean beat him but show him what he has done wrong and scold him well, let him know it isn't acceptable behavior. Labs are smart dogs, and since he is still young he should be easy to teach. Be consistant, don't let the behavior go un punished EVER. If he does it and doesn't get scolded, he will again think its ok to do that.
Dogs are a lot of work at first, but once you have them trained they are an invaluable companion. My dog is my best buddy, he is very well behaved now, we let him roam our house now while we are at work and he has not misbehaved in a long long time while we were away. He is almost 4 now, we had him in a crate most of the time up until he was 3 when we were away when we weren't trying to let him be boarded up in the kitchen. When he proved he couldn't handle that it was back to the crate. He likes his crate really, he feels safe in there, its his personal space.
It is also important to NOT use his crate for discipline. If he is bad, do NOT put him in his crate, because when you put him in there when you go, he will relate it to him being bad and it will confuse him. You want him to feel safe and comfortable in his crate, make it a nice place for him to be. When we crated our dog when we left we always gave him a treat when we put him in it, eventually he would know when we were leaving and sit in his crate and wait for his treat. Also vocally reward the dog, tell him he's a good boy. Food treats and vocal rewards are the best tools in training.
It took some time for my dog to mellow out. He is still a spastic, crazy beast but he is very well behaved and minds his Dad (me). All too often when a dog proves to be dificult, people will just give up on the poor thing, this is why shelters are flooded with dogs, and so many good animals are put down because the lack of patience, and commitment. So many people love Puppies, but when they get big, people get bored of them and get rid of them. (Not saying this is you, just rambling). It took a good bit of work, and commitment, but I am proud that my Pitbull sets a good example for the breed. I have literally had people be litterally tell me "Oh, your dog is so beautifull, what is it?" And when I reply a Pitbull they will turn their nose up at him, or tear their children away from him that were just petting him. My dog would never hurt a kid, I am more worried he would attack me over a child. My 2yr old nephew once walked right up to him and took his rawhide from him, he just layed their and let it happen, he won't let me near it. (I kept rambling, ahaha)
Nothing comes easy, if you work with your dog he will eventually become a big part of your life, and a part of your family. I wouldn't give my dog up for anything, because I know he would never give me up for anything. There is nothing more loyal than a good dog, they will always be there for you if you treat them like part of the family. You can't say that about people. Watch the dog whisperer, Ceaser has some really good advice for training dogs, there is only a handfull of techniques he uses, but its really all you need.
Sorry for rambling so much, but I love dogs, and hate to see people give up on them. We always had dogs growing up, we only got rid of 2 dogs, one just turned really mean and wanted to bite us, and the other would run off all the time, so we found it a home w/ a friend who hunted, it was a hunting dog so it was the right thing to do there. We lived close to a highway and didn't want it to get smooshed.