Severe Server Error and won't start anymore?

So when i open the launchserver.command file, all i get is a blank Terminal document. (I run Mac) And i tried pretty much everything, and nothing works. So with a little investigation i found this error in the Console:

2011-07-02 09:33:56 [SEVERE] java.lang.OutOfMemoryError: Java heap space
2011-07-02 09:33:56 [SEVERE] at net.minecraft.server.NibbleArray.<init>(SourceFile:7)
2011-07-02 09:33:56 [SEVERE] at net.minecraft.server.Chunk.<init>(Chunk.java:63)
2011-07-02 09:33:56 [SEVERE] at net.minecraft.server.ChunkProviderHell.getOrCreateChunk(SourceFile:201)
2011-07-02 09:33:56 [SEVERE] at org.bukkit.craftbukkit.generator.NormalChunkGenerator.getOrCreateChunk(NormalChunkGenerator.java:37)
2011-07-02 09:33:56 [SEVERE] at net.minecraft.server.ChunkProviderServer.getChunkAt(ChunkProviderServer.java:70)
2011-07-02 09:33:56 [SEVERE] at net.minecraft.server.MinecraftServer.a(MinecraftServer.java:255)
2011-07-02 09:33:57 [SEVERE] at net.minecraft.server.MinecraftServer.init(MinecraftServer.java:148)
2011-07-02 09:33:57 [SEVERE] at net.minecraft.server.MinecraftServer.run(MinecraftServer.java:335)
2011-07-02 09:33:57 [SEVERE] at net.minecraft.server.ThreadServerApplication.run(SourceFile:422)
2011-07-02 09:33:57 [SEVERE] Unexpected exception
java.lang.OutOfMemoryError: Java heap space
at net.minecraft.server.NibbleArray.<init>(SourceFile:7)
at net.minecraft.server.Chunk.<init>(Chunk.java:63)
at net.minecraft.server.ChunkProviderHell.getOrCreateChunk(SourceFile:201)
at org.bukkit.craftbukkit.generator.NormalChunkGenerator.getOrCreateChunk(NormalChunkGenerator.java:37)
at net.minecraft.server.ChunkProviderServer.getChunkAt(ChunkProviderServer.java:70)
at net.minecraft.server.MinecraftServer.a(MinecraftServer.java:255)
at net.minecraft.server.MinecraftServer.init(MinecraftServer.java:148)
at net.minecraft.server.MinecraftServer.run(MinecraftServer.java:335)
at net.minecraft.server.ThreadServerApplication.run(SourceFile:422)

Please help me! I have an awesome server!

 

Same thing with me
did you just update to 1.7.2?

 

it did that to me