The first meaning of "Islam" is the verb from the root "aslama" (a verb), meaning to: "surrender; submit; obey; sincerity and in peace."
The second meaning of "Islam" is the noun form from the same root, and it describes the last and final form of the way of life as perscribed by the Creator for His Creation. This is the name used in Quran for Muslims to call themselves as followers of "Islam". This would make them "Islam-ers" in English, but of course in Arabic the prefix "mu" is added to denote the one preforming the action or verb and instead it becomes "mu"-"islam" or "Muslim."
"Islam" can be understood in a very general sense to be the true religion of God, as it is from Him and according to His commandments without adding to or taking away from the basic precepts.
[Pillars of Faith] --->[click]
[Pillars of Action] --->[click]