Error: Could not create the Java Virtual Machine. Error: A fatal exception has occurred. Program will exit.

8350rocks

Distinguished
If you have backed up your system recently...just flash back to the last backup and undo the java update when you knew minecraft was running well...

If you do not backup, then try wiping minecraft and reinstalling. You can probably copy any save files you have stored in your program folder and paste them back into the folder after you reinstall the game.