Crash: java.lang.OutOfMemoryError: Java heap space

Minecraft Crash Report ----
// I feel sad now 😞

Time: 1/22/14 11:07 AM
Description: Registering texture

java.lang.OutOfMemoryError: Java heap space
at bqw.a(SourceFile:341)
at bqw.a(SourceFile:228)
at bqs.b(SourceFile:142)
at bqs.a(SourceFile:90)
at bqy.a(SourceFile:72)
at bqy.a(SourceFile:61)
at bqy.a(SourceFile:52)
at azi.ad(SourceFile:422)
at azi.f(SourceFile:696)
at net.minecraft.client.main.Main.main(SourceFile:152)

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

– Head –
Stacktrace:
at bqw.a(SourceFile:341)
at bqw.a(SourceFile:228)
at bqs.b(SourceFile:142)
at bqs.a(SourceFile:90)

– Resource location being registered –
Details:
Resource location: minecraft:textures/atlas/blocks.png
Texture object class: bqs
Stacktrace:
at bqy.a(SourceFile:72)
at bqy.a(SourceFile:61)
at bqy.a(SourceFile:52)
at azi.ad(SourceFile:422)

– Initialization –
Details:
Stacktrace:
at azi.f(SourceFile:696)
at net.minecraft.client.main.Main.main(SourceFile:152)

– System Details –
Details:
Minecraft Version: 1.7.4
Operating System: Windows 7 (x86) version 6.1
Java Version: 1.7.0_45, Oracle Corporation
Java VM Version: Java HotSpot(TM) Client VM (mixed mode, sharing), Oracle Corporation
Memory: 17913768 bytes (17 MB) / 518979584 bytes (494 MB) up to 518979584 bytes (494 MB)
JVM Flags: 2 total; -XX:HeapDumpPath=MojangTricksIntelDriversForPerformance_javaw.exe_minecraft.exe.heapdump -Xmx512M
AABB Pool Size: 0 (0 bytes; 0 MB) allocated, 0 (0 bytes; 0 MB) used
IntCache: cache: 0, tcache: 0, allocated: 0, tallocated: 0
Launched Version: 1.7.4
LWJGL: 2.9.1
OpenGL: Mobile Intel(R) 4 Series Express Chipset Family GL version 2.1.0 - Build 8.15.10.2202, Intel
GL Caps: Using GL 1.3 multitexturing.
Using framebuffer objects because EXT_framebuffer_object is supported.
Anisotropic filtering is supported and maximum anisotropy is 2.
Shaders are available because OpenGL 2.1 is supported.

Is Modded: Probably not. Jar signature remains and client brand is untouched.
Type: Client (map_client.txt)
Resource Packs: [Inter_Realistic_Pirate_Pack_512_V1.7.4.zip]
Current Language: English (US)
Profiler Position: N/A (disabled)
Vec3 Pool Size: ~_ERROR~ NullPointerException: null
Anisotropic Filtering: Off (1)