Thank you for the log. One thing then a fix. You should be using the x64 version of Java so you can allocate more than 1.5GB. Get the x64 version from
here and be sure to remove any other or older versions of Java as well. Now for the fix remove the exclamation point (!) from the folder, Nicks game stuff! Special characters like that cause errors. You might also have to change the 'Install folder...' in the Options tab of the console.
Edit: You might want to get into the habit of editing your posts. Also your log was double posted. Thanks.