It's likely that your template doesn't have that functionality. Try switching to a different template on the home page and then give it a try. You can switch back immediately after you try it. If switching templates for less than a minute is a concern, please test this on a test site instead.
Hey Nick - it does have that functionality. I was using K2 and had the homepage in 2 columns. But I had to re-create the articles in the article manager...because the items quit appearing in the k2 section. So, then I had to re-create the menu. And when I did that... 2 columns was no longer working....
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