What I expected to happen was...:
Minecraft would apply the resource pack

What actually happened was...:
When selecting the resource pack it gives errors (doesn't crash yet) like:

Client> 2013-06-14 16:05:27 [CLIENT] [SEVERE] Unable to parse animation metadata from minecraft:textures/items/compass.png
Client> java.lang.ArrayIndexOutOfBoundsException
Client> at bhp.a(SourceFile:216)
Client> at bhp.a(SourceFile:186)
Client> at bho.b(SourceFile:73)
Client> at bho.a(SourceFile:56)
Client> at bhq.a(SourceFile:45)
Client> at bhq.a(SourceFile:90)
Client> at bja.b(SourceFile:66)
Client> at bja.a(SourceFile:54)
Client> at atl.a(SourceFile:397)
Client> at bjd.a(SourceFile:158)
Client> at avv.a(SourceFile:173)
Client> at bjc.a(SourceFile:110)
Client> at bei.b(SourceFile:712)
Client> at atl.S(SourceFile:673)
Client> at atl.d(SourceFile:606)
Client> at net.minecraft.client.main.Main.main(SourceFile:85)

When then selecting another resource pack it completely crashes (crash report attached).

Steps to Reproduce:
1. Go to Options from the menu
2. Go to Resource Packs
3. Select a Resource Pack without animation metadata (you will get errors)
4. Select any other Resource Pack
5. Minecraft crashes