Minecraft exits with error code shortly after successful launch

Put the summary of the bug you're having here

What I expected to happen was...:
Was expeciting to be able to play game after initial install, but it crashed repeatedly...restarted machine, launched again and same behavior

What actually happened was...:
Laggy to start up, but main problem was crashes after a couple of minutes.

Steps to Reproduce:
1. Start minecraft from launcher
2. either create new or launch into previously created world
3. either sit and wait or enter inventory screen, and game will crash back out to the launcher Errors:

Client> 2013-08-18 12:52:23 [SERVER] [INFO] Jack_a_Lack42 joined the game
Client> Setting up custom skins
Client> 2013-08-18 12:52:26 [SERVER] [WARNING] Can't keep up! Did the system time change, or is the server overloaded?
Client> 2013-08-18 12:52:41 [CLIENT] [WARNING] Memory connection overburdened; after processing 2500 packets, we still have 1135 to go!
Client> 2013-08-18 12:52:43 [SERVER] [WARNING] Can't keep up! Did the system time change, or is the server overloaded?
Client> 2013-08-18 12:52:45 [CLIENT] [WARNING] Memory connection overburdened; after processing 2500 packets, we still have 8209 to go!
Client> 2013-08-18 12:52:45 [CLIENT] [WARNING] Memory connection overburdened; after processing 2500 packets, we still have 6085 to go!
Client> 2013-08-18 12:52:54 [CLIENT] [WARNING] Memory connection overburdened; after processing 2500 packets, we still have 7814 to go!
Client> 2013-08-18 12:52:55 [CLIENT] [WARNING] Memory connection overburdened; after processing 2500 packets, we still have 5696 to go!
Client> 2013-08-18 12:52:57 [CLIENT] [WARNING] Memory connection overburdened; after processing 2500 packets, we still have 3721 to go!
Client> 2013-08-18 12:52:58 [CLIENT] [WARNING] Memory connection overburdened; after processing 2500 packets, we still have 1742 to go!
Client> #
Client> # A fatal error has been detected by the Java Runtime Environment:
Client> #
Client> # EXCEPTION_ACCESS_VIOLATION (0xc0000005) at pc=0x000084c1, pid=1164, tid=3532
Client> #
Client> # JRE version: 7.0_25-b17
Client> # Java VM: Java HotSpot(TM) Client VM (23.25-b01 mixed mode, sharing windows-x86 )
Client> # Problematic frame:
Client> # C 0x000084c1
Client> #
Client> # Failed to write core dump. Minidumps are not enabled by default on client versions of Windows
Client> #
Client> # An error report file with more information is saved as:
Client> # C:\Documents and Settings\David\Application Data\.minecraft\hs_err_pid1164.log
Client> #
Client> # If you would like to submit a bug report, please visit:
Client> # http://bugreport.sun.com/bugreport/crash.jsp
Client> # The crash happened outside the Java Virtual Machine in native code.
Client> # See problematic frame for where to report the bug.
Client> #
Client> AL lib: (EE) alc_cleanup: 1 device not closed
Game ended with bad state (exit code 1)
Ignoring visibility rule and showing launcher due to a game crash
Deleting C:\Documents and Settings\David\Application Data\.minecraft\versions\1.6.2\1.6.2-natives-316718086574
Couldn't delete C:\Documents and Settings\David\Application Data\.minecraft\versions\1.6.2\1.6.2-natives-316718086574 - scheduling for deletion upon exit