raichu,
1. Does MyEclipse start fine without the -console argument? Did you add the ‘-console’ to myeclipse.ini file ? If yes please share the contents of the myeclipse.ini with us. Also share your OS and version details.
2. Reset the memory settings to the previous values and please try starting MyEclipse with -console argument from command prompt and see how it works?
3. You could set up MyEclipse Blue 2014 with WAS 8.0.0.4 before and deployment worked too as per your communication with us here : https://www.genuitec.com/forums/topic/frequently-getting-error-while-reloading-or-redeploying/#post-350098&highlight=#136706
Can you please tell us if any changes were made to the IDE which might have caused the deployment issue?