Wow - that thing is state of the ark.
The fuse numbering is a bit weird(*). Here's how I interpret it:
Numbers 1 to 4 are the central black fuse carriers. There are two individual fuses in each. Fuses 5 to 12 are the round ones on the right (5 is the top, 12 the bottom).
The pair of fuses in the central black carrier 2 are the main feed in (two separate 120V legs, one fuse for each). One leg then feeds round fuses 5, 8, 9 & 12. The other leg feeds fuses 6, 7, 10 & 11. Ideally the loads around the house should be split evenly between the two legs. (eg appliances on 5 & 6, and lights on 7 & 8) as the hand-written labelling indicates.
Fuse carriers 1 & 4 are currently unused. Fuse carrier 3 is labelled "Air Conditioning", and is probably a 240V feed (you can get 240V by utilising both 120V legs), so basically fuse carriers 1, 3 & 4 are for 240V service, and fuses 5 to 12 are 120V service fed from carrier 2.
(*) Weird to me because although I'm an electrical engineer, I'm based in the United Kingdom and we have a very different domestic electrical system here.
Anyhow, I'd recommend you get a professional electrician to check it over for your peace of mind. When funds allow, have it replaced with a new panel containing circuit breakers and if your electrical codes require it, the "differential" type breakers @Zoltan refers to above (we call these RCD here => Residual Current Device, but I believe they're called GFCI => Ground Fault Circuit Interrupter in North America).
A full rewire of the house might not be a bad idea, depending on what the electrician advises.
Note that fuses only protect the wiring from over-load (ie fire). They offer no protection at all against electric shock.
The differential breakers (GFCI/RCD) can offer "life protection" by disconnecting the supply if they detect an imbalance in the current going to and coming back from a circuit (such as might be caused by someone receiving a shock, which is a leakage of current to ground). As such, if your installation does not include GFCIs consider having them installed as soon as is reasonably possible.