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Here is the error report.

--- BEGIN ERROR REPORT 7fe0271 --------
Generated 9/4/12 12:43 PM
- Minecraft Version: 1.3.2
- Operating System: Windows 7 (x86) version 6.1
- Java Version: 1.7.0, Oracle Corporation
- Java VM Version: Java HotSpot(TM) Client VM (mixed mode), Oracle Corporation
- Memory: 804118504 bytes (766 MB) / 1037959168 bytes (989 MB) up to 1037959168 bytes (989 MB)
- JVM Flags: 3 total; -Xbootclasspath/a:C:\\PROGRA~1\\Java\\jre7\\lib\\deploy.jar;C:\\PROGRA~1\\Java\\jre7\\lib\\javaws.jar;C:\\PROGRA~1\\Java\\jre7\\lib\\plugin.jar -Xmx1g -Xms1024M
- LWJGL: 2.4.2
- OpenGL: ~ERROR~ NullPointerException: null
- Is Modded: Probably not
- Type: Client
- Texture Pack: ~ERROR~ NullPointerException: null
- Profiler Position: N/A (disabled)[failed to get system properties (java.lang.NullPointerException)]

org.lwjgl.LWJGLException: Pixel format not accelerated
at org.lwjgl.opengl.WindowsPeerInfo.nChoosePixelFormat(Native Method)
at org.lwjgl.opengl.WindowsPeerInfo.choosePixelFormat(WindowsPeerInfo.java:52)
at org.lwjgl.opengl.WindowsDisplay.createWindow(WindowsDisplay.java:185)
at org.lwjgl.opengl.Display.createWindow(Display.java:311)
at org.lwjgl.opengl.Display.create(Display.java:856)
at org.lwjgl.opengl.Display.create(Display.java:784)
at org.lwjgl.opengl.Display.create(Display.java:765)
at net.minecraft.client.Minecraft.a(SourceFile:233)
at net.minecraft.client.Minecraft.run(SourceFile:516)
at java.lang.Thread.run(Unknown Source)
--- END ERROR REPORT 635a95ef ----------

do you have mods installed, have you tried reinstalling?