torch bug

whenever i pick up, craft and/or hold a minecraft torch, i loose almost all my textures [they go invisible, and sand based blocks go black] for blocks, and only ten item textures remain.

What I expected to happen was...:
that the game would work as usual.

What actually happened was...:
all the textures of blocks dissappear, as well as textures of items, and whenever i hold it while playing the game after this happens, my fps drops from 208fps (powerful processor & graphics card, crap laptop) to around 5 to 8 fps.

Steps to Reproduce:
1. craft a torch, or destroy and pick up a torch
2. hold in invBar while playing for ULTIMATE lag spikes!!!