This week's book giveaway is in the OO, Patterns, UML and Refactoring forum. We're giving away four copies of Refactoring for Software Design Smells: Managing Technical Debt and have Girish Suryanarayana, Ganesh Samarthyam & Tushar Sharma on-line! See this thread for details.
The error message says "could not reserve enough space for the object heap". How much free memory do you have on your system? You could try reducing the heap size in eclipse.ini to 256MB (-Xmx256m). Or try reducing the maxperm size to 128MB (-XX:MaxPermSize=128M). Of course, reducing these sizes could lead to out-of-memory problems later, depending on what you will be doing.