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Here is the error report
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2013-03-21 19:05:21 [INFO] [ForgeModLoader] Forge Mod Loader version 4.7.4.520 for Minecraft 1.4.7 loading
2013-03-21 19:05:21 [FINEST] [ForgeModLoader] All core mods are successfully located
2013-03-21 19:05:21 [FINEST] [ForgeModLoader] Discovering coremods
2013-03-21 19:05:21 [FINEST] [ForgeModLoader] Found a candidate coremod CodeChickenCore 0.8.4.jar
2013-03-21 19:05:21 [FINEST] [ForgeModLoader] Loading coremod CodeChickenCore 0.8.4.jar
2013-03-21 19:05:21 [FINEST] [ForgeModLoader] Loaded coremod CodeChickenCore 0.8.4.jar
2013-03-21 19:05:21 [FINEST] [ForgeModLoader] Found a candidate coremod NotEnoughItems 1.5.2.0.jar
2013-03-21 19:05:21 [FINEST] [ForgeModLoader] Loading coremod NotEnoughItems 1.5.2.0.jar
2013-03-21 19:05:21 [FINEST] [ForgeModLoader] Loaded coremod NotEnoughItems 1.5.2.0.jar
2013-03-21 19:05:21 [FINEST] [ForgeModLoader] Downloading file http://files.minecraftforge.net/fmllibs/argo-2.25.jar
2013-03-21 19:05:21 [INFO] [ForgeModLoader] Downloading file http://files.minecraftforge.net/fmllibs/argo-2.25.jar
2013-03-21 19:05:22 [FINEST] [ForgeModLoader] Download complete
2013-03-21 19:05:22 [INFO] [ForgeModLoader] Download complete
2013-03-21 19:05:22 [FINEST] [ForgeModLoader] Library file argo-2.25.jar was downloaded and verified successfully
2013-03-21 19:05:22 [FINEST] [ForgeModLoader] Downloading file http://files.minecraftforge.net/fmllibs/guava-12.0.1.jar
2013-03-21 19:05:22 [INFO] [ForgeModLoader] Downloading file http://files.minecraftforge.net/fmllibs/guava-12.0.1.jar
2013-03-21 19:05:25 [FINEST] [ForgeModLoader] Download complete
2013-03-21 19:05:25 [INFO] [ForgeModLoader] Download complete
2013-03-21 19:05:25 [FINEST] [ForgeModLoader] Library file guava-12.0.1.jar was downloaded and verified successfully
2013-03-21 19:05:25 [FINEST] [ForgeModLoader] Downloading file http://files.minecraftforge.net/fmllibs/asm-all-4.0.jar
2013-03-21 19:05:25 [INFO] [ForgeModLoader] Downloading file http://files.minecraftforge.net/fmllibs/asm-all-4.0.jar
2013-03-21 19:05:25 [FINEST] [ForgeModLoader] Download complete
2013-03-21 19:05:25 [INFO] [ForgeModLoader] Download complete
2013-03-21 19:05:25 [FINEST] [ForgeModLoader] Library file asm-all-4.0.jar was downloaded and verified successfully
2013-03-21 19:05:25 [FINEST] [ForgeModLoader] Downloading file http://files.minecraftforge.net/fmllibs/bcprov-jdk15on-147.jar
2013-03-21 19:05:25 [INFO] [ForgeModLoader] Downloading file http://files.minecraftforge.net/fmllibs/bcprov-jdk15on-147.jar
2013-03-21 19:05:28 [FINEST] [ForgeModLoader] Download complete
2013-03-21 19:05:28 [INFO] [ForgeModLoader] Download complete
2013-03-21 19:05:28 [FINEST] [ForgeModLoader] Library file bcprov-jdk15on-147.jar was downloaded and verified successfully
2013-03-21 19:05:38 [INFO] [STDERR] Exception in thread "Thread-5" java.lang.RuntimeException: java.lang.NoClassDefFoundError: cpw/mods/fml/common/asm/ASMTransformer
2013-03-21 19:05:38 [INFO] [STDERR] at cpw.mods.fml.relauncher.FMLRelauncher.setupHome(FMLRelauncher.java:175)
2013-03-21 19:05:38 [INFO] [STDERR] at cpw.mods.fml.relauncher.FMLRelauncher.relaunchApplet(FMLRelauncher.java:242)
2013-03-21 19:05:38 [INFO] [STDERR] at cpw.mods.fml.relauncher.FMLRelauncher.appletEntry(FMLRelauncher.java:212)
2013-03-21 19:05:38 [INFO] [STDERR] at net.minecraft.client.MinecraftApplet.init(MinecraftApplet.java:25)
2013-03-21 19:05:38 [INFO] [STDERR] at net.minecraft.Launcher.replace(Launcher.java:136)
2013-03-21 19:05:38 [INFO] [STDERR] at net.minecraft.Launcher$1.run(Launcher.java:79)
2013-03-21 19:05:38 [INFO] [STDERR] Caused by: java.lang.NoClassDefFoundError: cpw/mods/fml/common/asm/ASMTransformer
2013-03-21 19:05:38 [INFO] [STDERR] at java.lang.ClassLoader.defineClass1(Native Method)
2013-03-21 19:05:38 [INFO] [STDERR] at java.lang.ClassLoader.defineClass(Unknown Source)
2013-03-21 19:05:38 [INFO] [STDERR] at java.security.SecureClassLoader.defineClass(Unknown Source)
2013-03-21 19:05:38 [INFO] [STDERR] at java.net.URLClassLoader.defineClass(Unknown Source)
2013-03-21 19:05:38 [INFO] [STDERR] at java.net.URLClassLoader.access$100(Unknown Source)
2013-03-21 19:05:38 [INFO] [STDERR] at java.net.URLClassLoader$1.run(Unknown Source)
2013-03-21 19:05:38 [INFO] [STDERR] at java.net.URLClassLoader$1.run(Unknown Source)
2013-03-21 19:05:38 [INFO] [STDERR] at java.security.AccessController.doPrivileged(Native Method)
2013-03-21 19:05:38 [INFO] [STDERR] at java.net.URLClassLoader.findClass(Unknown Source)
2013-03-21 19:05:38 [INFO] [STDERR] at cpw.mods.fml.relauncher.RelaunchClassLoader.findClass(RelaunchClassLoader.java:110)
2013-03-21 19:05:38 [INFO] [STDERR] at java.lang.ClassLoader.loadClass(Unknown Source)
2013-03-21 19:05:38 [INFO] [STDERR] at java.lang.ClassLoader.loadClass(Unknown Source)
2013-03-21 19:05:38 [INFO] [STDERR] at cpw.mods.fml.relauncher.RelaunchClassLoader.registerTransformer(RelaunchClassLoader.java:77)
2013-03-21 19:05:38 [INFO] [STDERR] at cpw.mods.fml.relauncher.RelaunchLibraryManager.handleLaunch(RelaunchLibraryManager.java:238)