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Ever since the 1.7.2 update has been released i haven't be able to play. Everytime i go to launch it it gives a crsah report. If it does launch i can't create a new world of any type without it crashing again. However the folders for the world's i've created before minecraft crashed still exist. All the older versions will still work. But the 1.7, 1.7.1 snapshots and the 1.7.2 release. Here is the crash report i get everytime i try to launch the 1.7.2 release. If anyone knows how to fix this please let me know asap.

---- Minecraft Crash Report ----
// Don't be sad, have a hug! <3

Time: 28/10/13 8:51 PM
Description: Starting integrated server

java.lang.ExceptionInInitializerError
at net.minecraft.server.MinecraftServer.<init>(SourceFile:114)
at bsk.<init>(SourceFile:38)
at azd.a(SourceFile:1591)
at bbi.a(SourceFile:202)
at bcd.a(SourceFile:172)
at bbi.a(SourceFile:301)
at bcd.d(SourceFile:236)
at bcd.k(SourceFile:211)
at azd.o(SourceFile:1303)
at azd.ad(SourceFile:753)
at azd.e(SourceFile:704)
at net.minecraft.client.main.Main.main(SourceFile:103)
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 ms.<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 refused: 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:114)
at bsk.<init>(SourceFile:38)

-- Starting integrated server --
Details:
Level ID: New World---
Level Name: New World
Stacktrace:
at azd.a(SourceFile:1591)
at bbi.a(SourceFile:202)
at bcd.a(SourceFile:172)
at bbi.a(SourceFile:301)
at bcd.d(SourceFile:236)
at bcd.k(SourceFile:211)

-- Affected screen --
Details:
Screen name: btj
Stacktrace:
at azd.o(SourceFile:1303)
at azd.ad(SourceFile:753)
at azd.e(SourceFile:704)
at net.minecraft.client.main.Main.main(SourceFile:103)

-- System Details --
Details:
Minecraft Version: 1.7.2
Operating System: Windows 95 (x86) version 4.0
Java Version: 1.7.0_45, Oracle Corporation
Java VM Version: Java HotSpot(TM) Client VM (mixed mode, sharing), Oracle Corporation
Memory: 44974512 bytes (42 MB) / 80699392 bytes (76 MB) up to 518979584 bytes (494 MB)
JVM Flags: 2 total; -XX:HeapDumpPath=MojangTricksIntelDriversForPerformance_javaw.exe_minecraft.exe.heapdump -Xmx512M
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: 1.7.2
LWJGL: 2.9.0
OpenGL: Intel(R) HD Graphics GL version 2.1.0 - Build 6.14.10.5394, Intel
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: ~~ERROR~~ NullPointerException: null
Anisotropic Filtering: Off (1)

I am also plagued with this issue. Tried to update my 1.6.4 server to 1.7.2 and now I only get that error. Running via the exe or straight from the jar makes no difference.

the same thing happens to me on servers as well
so I use 1.6 but I mainly play tekkit and other modpacks