RAM is definitely not the issue as it wasn't an out of memory error, so don't do that.
I would suggest trying different versions of Minecraft, including an Optifine build and 1.8.X. If the issue persists I can decompile the stacktrace included in the pastie to see what is happening.
Right I've been getting this. I have just spent 10 attempts trying to open minecraft. And I have found what you have to do. Hit play on the launcher and wait. When the launcher closes and minecraft opens quickly click the top bar and try to move it around the screen a bit. Then wait for it to finish lagging then you can play :) Hopefully this helps
DCRaven's idea worked. All i had to do was play optifine.
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