Text saying "missing texture" appears

When computer has low disk/memory space, some textures (the dirt texture for Updating Minecraft for example) and interfaces display a white background and have black text saying "missing texture". It also may appear that way on skins.
Steps to recreate:
1. Fill memory space with a large number of files or play a whole lot of Minecraft
2. Log in and check textures and interfaces
3. Also check skins