Here is the crash report
---- Minecraft Crash Report ----
// Everything's going to plan. No, really, that was supposed to happen.

Time: 18/08/14 20:05
Description: Starting integrated server

java.lang.ExceptionInInitializerError
at net.minecraft.server.MinecraftServer.<init>(SourceFile:120)
at bsx.<init>(SourceFile:38)
at bao.a(SourceFile:1610)
at bdb.a(SourceFile:202)
at bdw.a(SourceFile:172)
at bdb.a(SourceFile:301)
at bdw.k(SourceFile:232)
at bdw.p(SourceFile:211)
at bao.p(SourceFile:1328)
at bao.ak(SourceFile:774)
at bao.f(SourceFile:728)
at net.minecraft.client.main.Main.main(SourceFile:148)
Caused by: java.lang.IllegalStateException: failed to create a child event loop
at io.netty.util.concurrent.MultithreadEventExecutorGroup.<init>(MultithreadEventExecutorGroup.java:61)
at io.netty.channel.MultithreadEventLoopGroup.<init>(MultithreadEventLoopGroup.java:49)
at io.netty.channel.nio.NioEventLoopGroup.<init>(NioEventLoopGroup.java:61)
at io.netty.channel.nio.NioEventLoopGroup.<init>(NioEventLoopGroup.java:52)
at nc.<clinit>(SourceFile:31)
... 12 more
Caused by: io.netty.channel.ChannelException: failed to open a new selector
at io.netty.channel.nio.NioEventLoop.openSelector(NioEventLoop.java:128)
at io.netty.channel.nio.NioEventLoop.<init>(NioEventLoop.java:120)
at io.netty.channel.nio.NioEventLoopGroup.newChild(NioEventLoopGroup.java:87)
at io.netty.util.concurrent.MultithreadEventExecutorGroup.<init>(MultithreadEventExecutorGroup.java:57)
... 16 more
Caused by: java.io.IOException: Unable to establish loopback connection
at sun.nio.ch.PipeImpl$Initializer.run(Unknown Source)
at sun.nio.ch.PipeImpl$Initializer.run(Unknown Source)
at java.security.AccessController.doPrivileged(Native Method)
at sun.nio.ch.PipeImpl.<init>(Unknown Source)
at sun.nio.ch.SelectorProviderImpl.openPipe(Unknown Source)
at java.nio.channels.Pipe.open(Unknown Source)
at sun.nio.ch.WindowsSelectorImpl.<init>(Unknown Source)
at sun.nio.ch.WindowsSelectorProvider.openSelector(Unknown Source)
at io.netty.channel.nio.NioEventLoop.openSelector(NioEventLoop.java:126)
... 19 more
Caused by: java.net.ConnectException: Connection timed out: connect
at sun.nio.ch.Net.connect0(Native Method)
at sun.nio.ch.Net.connect(Unknown Source)
at sun.nio.ch.Net.connect(Unknown Source)
at sun.nio.ch.SocketChannelImpl.connect(Unknown Source)
at java.nio.channels.SocketChannel.open(Unknown Source)
... 28 more

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

– Head –
Stacktrace:
at net.minecraft.server.MinecraftServer.<init>(SourceFile:120)
at bsx.<init>(SourceFile:38)

– Starting integrated server –
Details:
Level ID: New World
Level Name: New World
Stacktrace:
at bao.a(SourceFile:1610)
at bdb.a(SourceFile:202)
at bdw.a(SourceFile:172)
at bdb.a(SourceFile:301)
at bdw.k(SourceFile:232)
at bdw.p(SourceFile:211)

– Affected screen –
Details:
Screen name: bee
Stacktrace:
at bao.p(SourceFile:1328)
at bao.ak(SourceFile:774)
at bao.f(SourceFile:728)
at net.minecraft.client.main.Main.main(SourceFile:148)

– System Details –
Details:
Minecraft Version: 1.7.10
Operating System: Windows 8.1 (x86) version 6.3
Java Version: 1.7.0_67, Oracle Corporation
Java VM Version: Java HotSpot(TM) Client VM (mixed mode), Oracle Corporation
Memory: 145530064 bytes (138 MB) / 182067200 bytes (173 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
AABB Pool Size: 0 (0 bytes; 0 MB) allocated, 0 (0 bytes; 0 MB) used
IntCache: cache: 0, tcache: 0, allocated: 0, tallocated: 0
Launched Version: 1.7.10
LWJGL: 2.9.1
OpenGL: AMD Radeon HD 7340 Graphics GL version 4.3.12618 Compatibility Profile Context 13.251.0.0, ATI Technologies Inc.
GL Caps: Using GL 1.3 multitexturing.
Using framebuffer objects because OpenGL 3.0 is supported and separate blending is supported.
Anisotropic filtering is supported and maximum anisotropy is 16.
Shaders are available because OpenGL 2.1 is supported.

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)
Vec3 Pool Size: 0 (0 bytes; 0 MB) allocated, 0 (0 bytes; 0 MB) used
Anisotropic Filtering: Off (1)