First time user, sadly unable to run the program - got following crash report. MAny thanks for guidance/help ASAP

---- Minecraft Crash Report ----
// Why did you do that?

Time: 15/09/14 19:09
Description: Updating screen events

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 rd.a(SourceFile:40)
at rd.b(SourceFile:37)
at up.c(SourceFile:10)
at rc.a(SourceFile:104)
at bsu.a(SourceFile:1914)
at bxg.i(SourceFile:172)
at bxg.a(SourceFile:135)
at bxf.a(SourceFile:342)
at bxf.k(SourceFile:405)
at bxg.k(SourceFile:81)
at bxf.p(SourceFile:382)
at bsu.r(SourceFile:1473)
at bsu.as(SourceFile:877)
at bsu.a(SourceFile:314)
at net.minecraft.client.main.Main.main(SourceFile:120)
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)
... 18 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)
... 21 more
Caused by: java.net.SocketException: Permission denied: listen
at sun.nio.ch.Net.listen(Native Method)
at sun.nio.ch.ServerSocketChannelImpl.bind(Unknown Source)
at sun.nio.ch.ServerSocketAdaptor.bind(Unknown Source)
at sun.nio.ch.ServerSocketAdaptor.bind(Unknown Source)
... 30 more

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

– Head –
Stacktrace:
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 rd.a(SourceFile:40)
at rd.b(SourceFile:37)
at up.c(SourceFile:10)
at rc.a(SourceFile:104)
at bsu.a(SourceFile:1914)
at bxg.i(SourceFile:172)
at bxg.a(SourceFile:135)
at bxf.a(SourceFile:342)
at bxf.k(SourceFile:405)
at bxg.k(SourceFile:81)
at bxf.p(SourceFile:382)

– Affected screen –
Details:
Screen name: bxq
Stacktrace:
at bsu.r(SourceFile:1473)
at bsu.as(SourceFile:877)
at bsu.a(SourceFile:314)
at net.minecraft.client.main.Main.main(SourceFile:120)

– System Details –
Details:
Minecraft Version: 1.8
Operating System: Windows 7 (x86) version 6.1
Java Version: 1.7.0_67, Oracle Corporation
Java VM Version: Java HotSpot(TM) Client VM (mixed mode), Oracle Corporation
Memory: 126177928 bytes (120 MB) / 283701248 bytes (270 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
IntCache: cache: 0, tcache: 0, allocated: 13, tallocated: 95
Launched Version: 1.8
LWJGL: 2.9.1
OpenGL: Intel(R) HD Graphics GL version 2.1.0 - Build 8.15.10.2202, Intel
GL Caps: Using GL 1.3 multitexturing.
Using GL 1.3 texture combiners.
Using framebuffer objects because EXT_framebuffer_object is supported.
Shaders are available because OpenGL 2.1 is supported.
VBOs are available because OpenGL 1.5 is supported.

Using VBOs: No
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)