Minecraft Launcher is refusing to load 1.7.4 or lower.

I created a new profile specified it as 1.7.2, changed the ram usage to 4 gigs like I always do. Saved the game and proceeded to load. The launcher behaves as if it is loading Minecraft.

What actually happened was...:
It doesn't load Minecraft. I have tried this on several other versions and only the latest snapshot and versions work.

Steps to Reproduce:
1. Login to Minecraft
2. Create a new Profile
3. Rename, and select Minecraft 1.7.2
4. Change your Ram usage to 4 instead of 1.
5. Save and exit your new profile.
6. Hit Play

Notes:
I have tried deleting and downloading Minecraft frequently and every time it does the same. It's like a repeating process of just not wanting to function properly.