Ticking Memory Connection error

---- Minecraft Crash Report ----
// Quite honestly, I wouldn't worry myself about that.

Time: 29/01/13 5:15 PM
Description: Updating screen events

java.lang.OutOfMemoryError: unable to create new native thread
	at java.lang.Thread.start0(Native Method)
	at java.lang.Thread.start(Unknown Source)
	at net.minecraft.server.MinecraftServer.t(SourceFile:846)
	at net.minecraft.client.Minecraft.a(SourceFile:1386)
	at auo.e(SourceFile:157)
	at auo.a(SourceFile:122)
	at aul.a(SourceFile:72)
	at aul.d(SourceFile:127)
	at aul.m(SourceFile:111)
	at net.minecraft.client.Minecraft.l(SourceFile:1086)
	at net.minecraft.client.Minecraft.J(SourceFile:582)
	at net.minecraft.client.Minecraft.run(SourceFile:534)
	at java.lang.Thread.run(Unknown Source)


A detailed walkthrough of the error, its code path and all known details is as follows:
---------------------------------------------------------------------------------------

-- Head --
Stacktrace:
	at java.lang.Thread.start0(Native Method)
	at java.lang.Thread.start(Unknown Source)
	at net.minecraft.server.MinecraftServer.t(SourceFile:846)
	at net.minecraft.client.Minecraft.a(SourceFile:1386)
	at auo.e(SourceFile:157)
	at auo.a(SourceFile:122)
	at aul.a(SourceFile:72)
	at aul.d(SourceFile:127)
	at aul.m(SourceFile:111)

-- Affected screen --
Details:
	Screen name: bey
Stacktrace:
	at net.minecraft.client.Minecraft.l(SourceFile:1086)
	at net.minecraft.client.Minecraft.J(SourceFile:582)
	at net.minecraft.client.Minecraft.run(SourceFile:534)
	at java.lang.Thread.run(Unknown Source)

-- System Details --
Details:
	Minecraft Version: 1.4.7
	Operating System: Windows 8 (x86) version 6.2
	Java Version: 1.7.0_11, Oracle Corporation
	Java VM Version: Java HotSpot(TM) Client VM (mixed mode), Oracle Corporation
	Memory: 367426200 bytes (350 MB) / 589438976 bytes (562 MB) up to 1037959168 bytes (989 MB)
	JVM Flags: 2 total; -Xms512m -Xmx1024m
	AABB Pool Size: 0 (0 bytes; 0 MB) allocated, 0 (0 bytes; 0 MB) used
	Suspicious classes: No suspicious classes found.
	IntCache: cache: 10, tcache: 0, allocated: 3, tallocated: 63
	LWJGL: 2.4.2
	OpenGL: Intel(R) HD Graphics GL version 3.1.0 - Build 9.17.10.2828, Intel
	Is Modded: Probably not. Jar signature remains and client brand is untouched.
	Type: Client (map_client.txt)
	Texture Pack: Default
	Profiler Position: N/A (disabled)
	Vec3 Pool Size: ~~ERROR~~ NullPointerException: null