Put your Qt sources in a directory containing no spaces in its path. This is merely a temporary directory; you might move compiler files afterwards.

Configure the environment by running the following command in a command line:

$>"C:[Your Visual Studio install path]\Common7\Tools\vsvars32.bat"
(C:\Program Files\Microsoft Visual Studio 9.0 for me)

Or run Start Menu > All Programs > Microsoft Visual C++ 9.0 Express edition (or Microsoft VisualStudio 2005, or Microsoft Visual Studio 2008) > Visual Studio Tools > Visual Studio 2008 Command Prompt.

$>cd [your Qt directory]
$>configure
$>nmake
$>nmake confclean

That's all for Qt compilation. Hope you enjoyed!