This is my log:

*** MagicMinecraftLauncher 1.0.0 ***

Disable inactive mods

2013-02-22 22:45:38 [iNFO] [ForgeModLoader] Forge Mod Loader version 4.7.4.520 for Minecraft 1.4.7 loading

2013-02-22 22:45:38 [sEVERE] [ForgeModLoader] FML appears to be missing any signature data. This is not a good thing

2013-02-22 22:45:50 [iNFO] [sTDERR] java.lang.reflect.InvocationTargetException

2013-02-22 22:45:50 [iNFO] [sTDERR]    at sun.reflect.NativeMethodAccessorImpl.invoke0(Native Method)

2013-02-22 22:45:50 [iNFO] [sTDERR]    at sun.reflect.NativeMethodAccessorImpl.invoke(Unknown Source)

2013-02-22 22:45:50 [iNFO] [sTDERR]    at sun.reflect.DelegatingMethodAccessorImpl.invoke(Unknown Source)

2013-02-22 22:45:50 [iNFO] [sTDERR]    at java.lang.reflect.Method.invoke(Unknown Source)

2013-02-22 22:45:50 [iNFO] [sTDERR]    at magic.launcher.Launcher.main(Unknown Source)

2013-02-22 22:45:50 [iNFO] [sTDERR] Caused by: java.lang.RuntimeException: java.lang.RuntimeException: java.lang.RuntimeException: Invalid ModLoader class detected

2013-02-22 22:45:50 [iNFO] [sTDERR]    at cpw.mods.fml.relauncher.FMLRelauncher.setupHome(FMLRelauncher.java:175)

2013-02-22 22:45:50 [iNFO] [sTDERR]    at cpw.mods.fml.relauncher.FMLRelauncher.relaunchApplet(FMLRelauncher.java:242)

2013-02-22 22:45:50 [iNFO] [sTDERR]    at cpw.mods.fml.relauncher.FMLRelauncher.appletEntry(FMLRelauncher.java:212)

2013-02-22 22:45:50 [iNFO] [sTDERR]    at net.minecraft.client.MinecraftApplet.init(MinecraftApplet.java:25)

2013-02-22 22:45:50 [iNFO] [sTDERR]    at net.minecraft.client.Minecraft.main(Minecraft.java:2277)

2013-02-22 22:45:50 [iNFO] [sTDERR]    ... 5 more

2013-02-22 22:45:50 [iNFO] [sTDERR] Caused by: java.lang.RuntimeException: java.lang.RuntimeException: Invalid ModLoader class detected

2013-02-22 22:45:50 [iNFO] [sTDERR]    at cpw.mods.fml.relauncher.RelaunchLibraryManager.handleLaunch(RelaunchLibraryManager.java:265)

2013-02-22 22:45:50 [iNFO] [sTDERR]    at cpw.mods.fml.relauncher.FMLRelauncher.setupHome(FMLRelauncher.java:155)

2013-02-22 22:45:50 [iNFO] [sTDERR]    ... 9 more

2013-02-22 22:45:50 [iNFO] [sTDERR] Caused by: java.lang.RuntimeException: Invalid ModLoader class detected

2013-02-22 22:45:50 [iNFO] [sTDERR]    at cpw.mods.fml.common.asm.FMLSanityChecker.call(FMLSanityChecker.java:118)

2013-02-22 22:45:50 [iNFO] [sTDERR]    at cpw.mods.fml.common.asm.FMLSanityChecker.call(FMLSanityChecker.java:34)

2013-02-22 22:45:50 [iNFO] [sTDERR]    at cpw.mods.fml.relauncher.RelaunchLibraryManager.handleLaunch(RelaunchLibraryManager.java:261)

2013-02-22 22:45:50 [iNFO] [sTDERR]    ... 10 more

 

And I only had: Mo creatures, Forge .497, Galacticraft, GUIapi, Hats mod, Wild Caves 3, Better Storage, Custom mobspawner, NIE and the requirements for NEI and also optifine, I didn't install modloader, and it comes up with a modloader in environment error. Please help? P.S, all the mods were up-to-date.

One or more of your mods is overriding the ModLoader class, which means it wont work with forge as we need control over that class.

Aside from that seems you havent installed Forge's META-INF folder?

I deleted the forge meta inf folder, is it important?

Yes it is.