Acute pancreatitis is an inflammatory condition of the pancreas, which can lead to a number of complications. Let's analyze the given options to determine which complications are associated with acute pancreatitis:

1. Hypoxia: This can occur due to respiratory distress, a known complication of acute pancreatitis, where the inflammation spreads and affects respiratory function. Therefore, hypoxia is a possible complication of acute pancreatitis.
2. Hypercalcemia: Unlike chronic pancreatitis, acute pancreatitis is usually associated with hypocalcemia (low calcium levels) rather than hypercalcemia (high calcium levels). Therefore, hypercalcemia is not a typical complication of acute pancreatitis.
3. Hyperglycemia: This can occur as a result of pancreatic damage, which affects insulin production, leading to elevated blood sugar levels. Therefore, hyperglycemia is a possible complication of acute pancreatitis.
4. Reduced serum albumin: Due to the inflammation and fluid shifts associated with acute pancreatitis, hypoalbuminemia (low serum albumin levels) can occur. Therefore, reduced serum albumin is a possible complication of acute pancreatitis.

Based on the analysis above, the correct options associated with acute pancreatitis are 1. Hypoxia, 3. Hyperglycemia, and 4. Reduced serum albumin.

Therefore, the answer is: 1, 3 and 4.