When picking up an item (not a block) the item should be placed in your hand without any sort of issues.

What did happen when I placed the item in my hand every texture throughout the world turned completely black, and all the water and lava textures gray. This bug does not effect the sky.

1. Load in a world and place an item in your hand, not a block. E.g. (flower, torch, sword, etc.)
2. As soon as you do this every texture throughout the world with turn black, and water and lava will become gray.
3. The only way of fixing this problem is to reload the texturepack, however if you put the item back in your hand the same effect will happen.