Saying that something is n dimensional if you can specify points in the object by using n coordinates is something that you have to take with a pinch of salt- it does give you a good idea of what n dimensional objects are like (in particular, what their local neighbourhoods look like) but it isn't the best of definitions.
For example, I can fill a square with a 1 dimensional line:
http://en.wikipedia.org/wiki/Peano_curve
This means that I only need 1 coordinate to specify a point in the square, even though it should really be two dimensional.
So use this definition as a guide, but not as a definition unto itself. Remember, dimension is just a mathematical concept, and needs a definition (and has many definitions depending on the context). Annoyingly, popular media tries convey it as some sort of mystical thing that has a real definition outside of mathematics.
However, there are definitions of it, several in fact. For example, in topology there is the notion of the Lebesgue covering dimension, the topological dimension and more. If you are working with manifolds, you say it is n-dimensional if it locally looks like a piece of n dimensional Euclidean space.
I'm sure you have probably also heard of "fractal dimensions" which can have dimensions which are fractions (or irrational numbers, of course!). This immediately confuses people because they try to apply the above definition to what it means to be, say 1.43 dimensional... you need 1 and 0.43 coordinates to specify a point? Sounds very odd, but not as odd when you realize that the quantity is just a mathematical tool which is trying to describe some characteristic of the object.
So, in your example, most definitions of dimension will tell you your line is one dimensional. It's covering dimension, topological dimension and manifold dimension will all be one (it locally looks like a piece of 1 dimensional space!). And, as others have pointed out, although your description requires 2 coordinates to specify the point, you can alter your coordinate system so that you now only need one input, so that all your points can be labeled with only 1 coordinate (e.g. you could label them with "length along the line past the intersection with the y axis", or many more).