walls disappear, partial blue screen, huge lag

Please force a crash by holding F3+C for 10 or more seconds and attach the report here.

Minecraft Crash Report ----
// My bad.

Time: 1/14/15 11:07 PM
Description: Manually triggered debug crash

java.lang.Throwable
at bss.r(SourceFile:1570)
at bss.at(SourceFile:880)
at bss.a(SourceFile:317)
at net.minecraft.client.main.Main.main(SourceFile:124)

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

– Head –
Stacktrace:
at cem.a(SourceFile:308)

– Affected level –
Details:
Level name: MpServer
All players: 1 total; [cin['Shadowfax444'/233, l='MpServer', x=211.08, y=65.00, z=251.15]]
Chunk stats: MultiplayerChunkCache: 1089, 1089
Level seed: 0
Level generator: ID 00 - default, ver 1. Features enabled: false
Level generator options:
Level spawn location: 196.00,64.00,220.00 - World: (196,64,220), Chunk: (at 4,4,12 in 12,13; contains blocks 192,0,208 to 207,255,223), Region: (0,0; contains chunks 0,0 to 31,31, blocks 0,0,0 to 511,255,511)
Level time: 2223493 game time, 2836533 day time
Level dimension: 0
Level storage version: 0x00000 - Unknown?
Level weather: Rain time: 0 (now: false), thunder time: 0 (now: false)
Level game mode: Game mode: survival (ID 0). Hardcore: false. Cheats: false
Forced entities: 101 total; [adx['item.tile.dirt.default'/67183, l='MpServer', x=207.06, y=62.00, z=251.97], adx['item.item.egg'/66363, l='MpServer', x=193.81, y=63.00, z=209.06], acp['Squid'/64382, l='MpServer', x=222.38, y=58.75, z=213.00], adx['item.tile.dirt.default'/63399, l='MpServer', x=207.31, y=62.00, z=253.88], aeq['Creeper'/65617, l='MpServer', x=241.28, y=38.00, z=237.28], agh['Zombie'/16863, l='MpServer', x=206.81, y=54.00, z=252.84], abu['Chicken'/74, l='MpServer', x=135.50, y=66.00, z=180.50], adx['item.tile.dirt.default'/64015, l='MpServer', x=209.88, y=62.00, z=253.34], adx['item.tile.dirt.default'/62102, l='MpServer', x=208.88, y=62.00, z=251.59], acm['Sheep'/93, l='MpServer', x=179.66, y=66.00, z=175.44], agc['Spider'/70015, l='MpServer', x=205.50, y=20.00, z=251.50], afv['Skeleton'/70014, l='MpServer', x=203.50, y=20.00, z=253.50], acm['Sheep'/94, l='MpServer', x=189.34, y=66.00, z=175.53], acm['Sheep'/98, l='MpServer', x=180.38, y=67.00, z=231.13], aeq['Creeper'/74257, l='MpServer', x=188.50, y=14.00, z=172.50], abu['Chicken'/111, l='MpServer', x=199.66, y=63.00, z=207.09], adx['item.item.egg'/66873, l='MpServer', x=198.88, y=63.00, z=208.13], abu['Chicken'/118, l='MpServer', x=194.25, y=63.00, z=209.00], aeq['Creeper'/73089, l='MpServer', x=273.50, y=29.00, z=301.50], acm['Sheep'/117, l='MpServer', x=195.38, y=63.00, z=208.13], agh['Zombie'/73088, l='MpServer', x=270.50, y=29.00, z=299.50], abu['Chicken'/115, l='MpServer', x=193.88, y=63.00, z=209.66], abu['Chicken'/114, l='MpServer', x=198.94, y=63.00, z=207.25], agh['Zombie'/70519, l='MpServer', x=140.50, y=22.00, z=327.50], agh['Zombie'/70518, l='MpServer', x=138.50, y=22.00, z=327.50], agg['Witch'/74255, l='MpServer', x=187.50, y=14.00, z=174.50], agh['Zombie'/70520, l='MpServer', x=139.50, y=22.00, z=328.50], agh['Zombie'/123, l='MpServer', x=205.61, y=54.00, z=258.28], aeq['Creeper'/70524, l='MpServer', x=233.50, y=26.00, z=304.50], agh['Zombie'/122, l='MpServer', x=206.54, y=54.00, z=253.96], aeq['Creeper'/70527, l='MpServer', x=235.50, y=26.00, z=304.50], abu['Chicken'/120, l='MpServer', x=199.56, y=63.00, z=207.88], adx['item.tile.dirt.default'/61816, l='MpServer', x=207.97, y=62.00, z=252.91], afv['Skeleton'/68680, l='MpServer', x=241.50, y=51.00, z=289.50], afv['Skeleton'/68682, l='MpServer', x=242.50, y=51.00, z=289.50], abu['Chicken'/131, l='MpServer', x=193.69, y=62.58, z=311.63], abr['Bat'/73938, l='MpServer', x=222.81, y=17.11, z=332.48], abr['Bat'/73937, l='MpServer', x=228.46, y=17.50, z=331.72], abr['Bat'/73934, l='MpServer', x=287.72, y=22.23, z=318.28], agh['Zombie'/67296, l='MpServer', x=218.50, y=49.00, z=317.50], adx['item.tile.dirt.default'/69241, l='MpServer', x=209.88, y=64.00, z=251.19], agh['Zombie'/144, l='MpServer', x=205.72, y=54.00, z=259.56], abr['Bat'/147, l='MpServer', x=217.75, y=50.10, z=266.25], adx['item.tile.dirt.default'/63727, l='MpServer', x=210.88, y=62.00, z=253.38], agc['Spider'/151, l='MpServer', x=213.69, y=50.09, z=262.00], afv['Skeleton'/60604, l='MpServer', x=206.56, y=39.00, z=295.28], agc['Spider'/70026, l='MpServer', x=240.09, y=14.00, z=321.09], abr['Bat'/170, l='MpServer', x=225.25, y=49.10, z=264.47], adx['item.tile.dirt.default'/62332, l='MpServer', x=207.13, y=62.00, z=251.13], agh['Zombie'/13719, l='MpServer', x=208.22, y=54.00, z=252.78], abr['Bat'/66800, l='MpServer', x=232.75, y=26.10, z=216.34], afv['Skeleton'/70016, l='MpServer', x=205.50, y=20.10, z=251.50], afv['Skeleton'/74239, l='MpServer', x=230.50, y=25.00, z=193.50], aeq['Creeper'/72245, l='MpServer', x=217.03, y=24.00, z=275.34], acm['Sheep'/190, l='MpServer', x=256.53, y=65.00, z=264.44], abv['Cow'/191, l='MpServer', x=266.72, y=71.00, z=262.47], aeq['Creeper'/73582, l='MpServer', x=197.30, y=11.59, z=260.88], acm['Sheep'/189, l='MpServer', x=260.81, y=72.00, z=240.25], agc['Spider'/72254, l='MpServer', x=197.50, y=15.00, z=173.50], aeq['Creeper'/71402, l='MpServer', x=231.50, y=24.00, z=215.50], agc['Spider'/72250, l='MpServer', x=199.50, y=15.00, z=176.50], agc['Spider'/72249, l='MpServer', x=196.50, y=15.00, z=175.50], afv['Skeleton'/72746, l='MpServer', x=226.88, y=24.00, z=242.25], afv['Skeleton'/72747, l='MpServer', x=221.50, y=24.00, z=238.50], acm['Sheep'/204, l='MpServer', x=289.66, y=76.00, z=236.53], afv['Skeleton'/72744, l='MpServer', x=245.69, y=22.00, z=195.69], afv['Skeleton'/73499, l='MpServer', x=188.66, y=38.00, z=272.88], abr['Bat'/70364, l='MpServer', x=198.44, y=42.00, z=261.25], aeq['Creeper'/73225, l='MpServer', x=151.53, y=16.00, z=324.94], abr['Bat'/70365, l='MpServer', x=200.75, y=45.10, z=266.94], afv['Skeleton'/72748, l='MpServer', x=225.88, y=24.00, z=242.50], abr['Bat'/70366, l='MpServer', x=197.75, y=46.03, z=271.25], abr['Bat'/23258, l='MpServer', x=223.75, y=50.10, z=266.59], abr['Bat'/25129, l='MpServer', x=201.75, y=43.10, z=262.75], abr['Bat'/23255, l='MpServer', x=214.69, y=49.10, z=258.56], acm['Sheep'/199, l='MpServer', x=279.84, y=63.00, z=312.16], acm['Sheep'/198, l='MpServer', x=275.56, y=63.00, z=318.53], abr['Bat'/23254, l='MpServer', x=217.75, y=50.10, z=266.50], afv['Skeleton'/72742, l='MpServer', x=237.50, y=24.00, z=188.88], afv['Skeleton'/72743, l='MpServer', x=241.84, y=23.00, z=196.31], acm['Sheep'/192, l='MpServer', x=256.72, y=63.00, z=291.47], acm['Sheep'/195, l='MpServer', x=273.53, y=71.00, z=264.53], adx['item.tile.dirt.default'/59239, l='MpServer', x=206.16, y=62.00, z=253.81], abr['Bat'/70823, l='MpServer', x=198.44, y=15.56, z=177.30], agh['Zombie'/71568, l='MpServer', x=156.91, y=42.00, z=180.50], adx['item.tile.dirt.default'/59532, l='MpServer', x=207.88, y=62.00, z=254.88], abr['Bat'/70831, l='MpServer', x=203.25, y=16.06, z=180.25], abr['Bat'/70830, l='MpServer', x=201.53, y=16.10, z=187.16], abr['Bat'/70828, l='MpServer', x=202.90, y=17.20, z=176.94], afv['Skeleton'/61390, l='MpServer', x=276.50, y=21.00, z=305.50], acp['Squid'/69402, l='MpServer', x=201.28, y=62.06, z=304.69], cin['Shadowfax444'/233, l='MpServer', x=211.08, y=65.00, z=251.15], aeq['Creeper'/64985, l='MpServer', x=198.50, y=14.00, z=268.50], afv['Skeleton'/69839, l='MpServer', x=221.50, y=33.00, z=274.50], adx['item.tile.dirt.default'/66997, l='MpServer', x=206.13, y=62.00, z=251.41], adx['item.item.egg'/62255, l='MpServer', x=200.03, y=63.00, z=206.81], agh['Zombie'/11370, l='MpServer', x=203.44, y=54.00, z=258.69], aeq['Creeper'/69834, l='MpServer', x=235.50, y=38.00, z=228.50], agh['Zombie'/11371, l='MpServer', x=203.47, y=54.00, z=255.94], adx['item.tile.dirt.default'/58973, l='MpServer', x=206.13, y=62.00, z=252.88], agh['Zombie'/19142, l='MpServer', x=205.85, y=54.00, z=254.76]]
Retry entities: 0 total; []
Server brand: vanilla
Server type: Integrated singleplayer server
Stacktrace:
at cem.a(SourceFile:308)
at bss.b(SourceFile:2278)
at bss.a(SourceFile:326)
at net.minecraft.client.main.Main.main(SourceFile:124)

– System Details –
Details:
Minecraft Version: 1.8.1
Operating System: Windows 8.1 (x86) version 6.3
Java Version: 1.7.0_71, Oracle Corporation
Java VM Version: Java HotSpot(TM) Client VM (mixed mode), Oracle Corporation
Memory: 130270200 bytes (124 MB) / 523501568 bytes (499 MB) up to 523501568 bytes (499 MB)
JVM Flags: 6 total; -XX:HeapDumpPath=MojangTricksIntelDriversForPerformance_javaw.exe_minecraft.exe.heapdump -Xmx512M -XX:+UseConcMarkSweepGC -XX:+CMSIncrementalMode -XX:-UseAdaptiveSizePolicy -Xmn128M
IntCache: cache: 0, tcache: 0, allocated: 12, tallocated: 94
Launched Version: 1.8.1
LWJGL: 2.9.1
OpenGL: Intel(R) HD Graphics 4000 GL version 4.0.0 - Build 10.18.10.3958, Intel
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: []
Current Language: English (US)
Profiler Position: N/A (disabled)

"Memory: 130270200 bytes (124 MB) / 523501568 bytes (499 MB) up to 523501568 bytes (499 MB)"

I think minecraft cant fit on your computer.

But I have been running minecraft for months and months with no issues.....

Ticket resolved as incomplete, because no answer in a reasonable amount of time (1+ year), if it still happens, please update the ticket.