Minecraft crashed and said that it was out of memory

Put the summary of the bug you're having here

*What I expected to happen was typing a server down in multiplayer, and I had saved a lot of servers within a few minutes and was trying another one.

*What actually happened was Minecraft crashed after downloading several servers, and I received a message saying that Minecraft was out of memory.

Steps to Reproduce:
1. Click on Multiplayer
2. Click to add a server, and a lot of servers.

Here is the crash report

---- Minecraft Crash Report ----
// Who set us up the TNT?

Time: 7/13/13 5:31 PM
Description: Rendering screen

java.lang.OutOfMemoryError: unable to create new native thread
	at java.lang.Thread.start0(Native Method)
	at java.lang.Thread.start(Unknown Source)
	at avl.d(SourceFile:390)
	at avl.a(SourceFile:339)
	at awd.a(SourceFile:274)
	at avk.a(SourceFile:263)
	at bfb.b(SourceFile:718)
	at ats.S(SourceFile:686)
	at ats.d(SourceFile:619)
	at net.minecraft.client.main.Main.main(SourceFile:101)


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 avl.d(SourceFile:390)
	at avl.a(SourceFile:339)
	at awd.a(SourceFile:274)
	at avk.a(SourceFile:263)

-- Screen render details --
Details:
	Screen name: avk
	Mouse location: Scaled: (250, 143). Absolute: (1000, 429)
	Screen size: Scaled: (480, 251). Absolute: (1920, 1003). Scale factor of 4
Stacktrace:
	at bfb.b(SourceFile:718)
	at ats.S(SourceFile:686)
	at ats.d(SourceFile:619)
	at net.minecraft.client.main.Main.main(SourceFile:101)

-- System Details --
Details:
	Minecraft Version: 1.6.2
	Operating System: Windows 8 (x86) version 6.2
	Java Version: 1.7.0_21, Oracle Corporation
	Java VM Version: Java HotSpot(TM) Client VM (mixed mode, sharing), Oracle Corporation
	Memory: 119009160 bytes (113 MB) / 186052608 bytes (177 MB) up to 518979584 bytes (494 MB)
	JVM Flags: 1 total; -Xmx512M
	AABB Pool Size: 0 (0 bytes; 0 MB) allocated, 0 (0 bytes; 0 MB) used
	Suspicious classes: No suspicious classes found.
	IntCache: cache: 0, tcache: 0, allocated: 3, tallocated: 63
	Launched Version: 1.6.2
	LWJGL: 2.9.0
	OpenGL: Intel(R) HD Graphics 4000 GL version 4.0.0 - Build 9.17.10.2849, Intel
	Is Modded: Probably not. Jar signature remains and client brand is untouched.
	Type: Client (map_client.txt)
	Resource Pack: Default
	Current Language: English (US)
	Profiler Position: N/A (disabled)