Game won't launch

Opened minecraft for the first time in a while, launcher ran the update, and I launched the game. Continues to crash. Below is the report:

Minecraft Crash Report ----
// I bet Cylons wouldn't have this problem.

Time: 10/22/14 7:00 PM
Description: Initializing game

java.lang.OutOfMemoryError: Java heap space
at cuj.a(SourceFile:402)
at cua.b(SourceFile:238)
at cua.a(SourceFile:77)
at cxh.j(SourceFile:553)
at cxh.a(SourceFile:139)
at cxk.a(SourceFile:23)
at cvt.a(SourceFile:99)
at bsu.aj(SourceFile:437)
at bsu.a(SourceFile:299)
at net.minecraft.client.main.Main.main(SourceFile:120)

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

– Head –
Stacktrace:
at cuj.a(SourceFile:402)
at cua.b(SourceFile:238)
at cua.a(SourceFile:77)
at cxh.j(SourceFile:553)
at cxh.a(SourceFile:139)
at cxk.a(SourceFile:23)
at cvt.a(SourceFile:99)
at bsu.aj(SourceFile:437)

– Initialization –
Details:
Stacktrace:
at bsu.a(SourceFile:299)
at net.minecraft.client.main.Main.main(SourceFile:120)

– System Details –
Details:
Minecraft Version: 1.8
Operating System: Windows 8 (amd64) version 6.2
Java Version: 1.7.0_51, Oracle Corporation
Java VM Version: Java HotSpot(TM) 64-Bit Server VM (mixed mode), Oracle Corporation
Memory: 52492464 bytes (50 MB) / 523501568 bytes (499 MB) up to 523501568 bytes (499 MB)
JVM Flags: 7 total; -XX:HeapDumpPath=MojangTricksIntelDriversForPerformance_javaw.exe_minecraft.exe.heapdump -Xmx1G -XX:+UseConcMarkSweepGC -XX:+CMSIncrementalMode -XX:-UseAdaptiveSizePolicy -Xmn128M -Xmx512M
IntCache: cache: 0, tcache: 0, allocated: 0, tallocated: 0
Launched Version: 1.8
LWJGL: 2.9.1
OpenGL: GeForce GTX 660/PCIe/SSE2 GL version 4.4.0, NVIDIA Corporation
GL Caps: Using GL 1.3 multitexturing.
Using GL 1.3 texture combiners.
Using framebuffer objects because OpenGL 3.0 is supported and separate blending is supported.
Shaders are available because OpenGL 2.1 is supported.
VBOs are available because OpenGL 1.5 is supported.

Using VBOs: No
Is Modded: Probably not. Jar signature remains and client brand is untouched.
Type: Client (map_client.txt)
Resource Packs: [Sphax PureBDcraft 128x MC16 (1).zip, Sphax PureBDcraft 256x MC17]
Current Language: English (US)
Profiler Position: N/A (disabled)