More Info: How to Fix the Could Not Create the Java Virtual Machine Error
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Pretty self-explanitory error, but I can't add more or the error happens.
However, if you have a 64-bit system, you should install 64-bit java.
http://java.com/en/download/manual.jsp
Edit 8/8/13: Well, I could tell my FTB Launcher to give the game more RAM, but this happened. Again, but not on the Technic Launcher.
You don't need more than 1GB RAM for minecraft.