Whatever the launchwrapper means it's not downloading it. I tried this with the 1.7.2 Latest and Recommended builds and I get the same error. I've seem one other thread with the exact same problem and the "Solution" was use the official Launcher. There was no elaboration there and on top of that I'm using the official Launcher from mojang so I'm making this thread cause the one I found solved nothing for me.
Pastebin: http://pastebin.com/XQydedeQ
There are no mods in here I just downloaded a fresh Forge copy and tried to install it and ofc something goes wrong. This used to happen for 1.6.4 , but after multiple PC resets and launcher resets it started working eventually.