We study the dynamics of an interface separating two immiscible layers in an inclined channel. Lubrication theory is used to derive an evolution equation for the interface position that models the two-dimensional flow in both co-and countercurrent configurations. This equation is parameterized by viscosity and density ratios, and a total dimensionless flow rate; the system is further characterized by the height of the interface at the channel inlet and outlet, which are treated as additional parameters. In the present work, which corresponds to part I of a two-part paper, we focus on one-dimensional flows. We use an entropy-flux analysis to delineate the existence of various types of shocklike solutions, which include compressive Lax shocks, pairs of Lax and under-compressive shocks, and rarefaction waves. Flows characterized by unstably stratified layers are accompanied by the formation of propagating, large-amplitude interfacial waves, which are not shocklike in nature. The results of our transient numerical simulations accord with our analytical predictions and elucidate the mechanisms underlying spatio-temporal development of the various types of waves; the stability of these waves to spanwise perturbations is investigated in part II of this work.