The video will explain everything:http://youtu.be/bHXoc3imNJc Also included: Manual crash report.
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something interesting also:
when you use an "incompatible texture pack" (old texture pack system), the texture for the chest/trapped-chest will still be loaded (in the hotbar, and holding the item in your hand)
Is this still a concern in the current Minecraft version 1.7.4 / Launcher version 1.3.9 or later? If so, please update the affected versions in order to best aid Mojang ensuring bugs are still valid in the latest releases/pre-releases.
It should be in the description (can miss the bug otherwise):
It happens most often when it's the very first world load after starting the game from the launcher.
And it's still in 14w21b and 1.7.9.
confirmed