QTDIR -> C:\Qt\4.4.3
MINGW -> C:\MinGW

PATH -> ;%QTDIR%\bin;%MINGW%\bin;

mingw32-make[3]: Entering directory `C:/Qt/4.2.3/src/corelib'
g++ -x c++-header -c -g -g -Wall -frtti -fexceptions -DQT_SHARED -DQT_THREAD_SUP
PORT -DUNICODE -DQT_LARGEFILE_SUPPORT -DQT_BUILD_CORE_LIB -DQT_MAKEDLL -DQT_ASCI
I_CAST_WARNINGS -DQT3_SUPPORT -DQT_MOC_COMPAT -DQT_DLL -I"C:/Qt/4.2.3/include" -
I"C:/Qt/4.2.3/include/QtCore" -I"tmp" -I"C:/Qt/4.2.3/src/corelib/global" -I"..\3
rdparty\zlib" -I"C:/Qt/4.2.3/include/ActiveQt" -I"tmp\moc\debug_shared" -I"." -I
"..\..\mkspecs\win32-g++" -o tmp\obj\debug_shared\qt_pch.h.gch\c++ global\qt_pch
.h
g++: language c++-header not recognized
g++: global\qt_pch.h: linker input file unused because linking not done
g++ -c -include tmp\obj\debug_shared\qt_pch.h -g -g -Wall -frtti -fexceptions -D
QT_SHARED -DQT_THREAD_SUPPORT -DUNICODE -DQT_LARGEFILE_SUPPORT -DQT_BUILD_CORE_L
IB -DQT_MAKEDLL -DQT_ASCII_CAST_WARNINGS -DQT3_SUPPORT -DQT_MOC_COMPAT -DQT_DLL
-I"C:/Qt/4.2.3/include" -I"C:/Qt/4.2.3/include/QtCore" -I"tmp" -I"C:/Qt/4.2.3/sr
c/corelib/global" -I"..\3rdparty\zlib" -I"C:/Qt/4.2.3/include/ActiveQt" -I"tmp\m
oc\debug_shared" -I"." -I"..\..\mkspecs\win32-g++" -o tmp\obj\debug_shared\qglob
al.o global\qglobal.cpp
global/qglobal.cpp: tmp\obj\debug_shared\qt_pch.h: No such file or directory
mingw32-make[3]: *** [tmp\obj\debug_shared\qglobal.o] Error 1
mingw32-make[3]: Leaving directory `C:/Qt/4.2.3/src/corelib'
mingw32-make[2]: *** [debug-all] Error 2
mingw32-make[2]: Leaving directory `C:/Qt/4.2.3/src/corelib'
mingw32-make[1]: *** [sub-corelib-make_default] Error 2
mingw32-make[1]: Leaving directory `C:/Qt/4.2.3/src'
mingw32-make: *** [sub-src-make_default-ordered] Error 2
Soultion:
This error will  occur because you are compiling QT with older version of gcc. Please get lastest version from here (Automated MinGW Installer) and compile.

(cd F:\Qt\4.3.1\src\winmain && mingw32-make -f Makefile debug
mingw32-make[1]: Entering directory `F:/Qt/4.3.1/src/winmain'
mingw32-make -f Makefile.Debug
Makefile.Debug:116: *** multiple target patterns.  Stop.
mingw32-make[2]: Entering directory `F:/Qt/4.3.1/src/winmain'
mingw32-make[2]: Leaving directory `F:/Qt/4.3.1/src/winmain'
mingw32-make[1]: *** [debug] Error 2
mingw32-make[1]: Leaving directory `F:/Qt/4.3.1/src/winmain'
mingw32-make: *** [debug-F__Qt_4_3_1_src_winmain] Error 2

msvc 6 annoyingly sets the environment variables lib and include and the qt compile picks up on these.

You can tell if these have been configured this way by typing 'set' at a command prompt and you can work around it by making sure you execute:

set lib=
set include=

before you run 'configure'.

I try configure and compile Qt 4.4.2
Bat I recive error compiling gmake:
In file included from
C:/Lang/mingw/bin/../lib/gcc/mingw32/3.4.5/../../../../include/security.h:3
8,
from
D:\Lang\qt\qt4.4.2/src/corelib/io/qfsfileengine_win.cpp:74:
C:/Lang/mingw/bin/../lib/gcc/mingw32/3.4.5/../../../../include/sspi.h:60:
error: `UNICODE_STRING' does not name a type

The problem is that UNICODE_STRING is defined in subauth.h which is  not included by security.h prior to including sspi.h.  I've included subauth.h in the attached sspi.h to resolve the issue, but I want to
make sure it doesn't have any nasty side affects.

Please inlcude subauth.h in sspi.h like below.
#ifndef _SSPI_H
#define _SSPI_H
#if __GNUC__ >=3
#pragma GCC system_header
#endif

#ifdef __cplusplus
extern "C" {
#endif

#include <subauth.h>

................
Rest of code of sspi.h.

(1) Qt\4.4.3\src\corelib\arch\qatomic_windows.h:
#if !(defined Q_CC_BOR) || (__BORLANDC__ < 0x560)
extern "C" {
__declspec(dllimport) long __stdcall InterlockedCompareExchange(long *, long, long);
__declspec(dllimport) long __stdcall InterlockedIncrement(long *);
__declspec(dllimport) long __stdcall InterlockedDecrement(long *); __declspec(dllimport) long __stdcall InterlockedExchange(long *, long);
__declspec(dllimport) long __stdcall InterlockedExchangeAdd(long *, long);
}
#else
extern "C" {
__declspec(dllimport) long __stdcall InterlockedCompareExchange(long volatile*, long, long);
__declspec(dllimport) long __stdcall InterlockedIncrement(long volatile*);
__declspec(dllimport) long __stdcall InterlockedDecrement(long volatile*);
__declspec(dllimport) long __stdcall InterlockedExchange(long volatile*, long);
__declspec(dllimport) long __stdcall InterlockedExchangeAdd(long volatile*, long);
}
#endif
you will see above code in Qt\4.4.3\src\corelib\arch\qatomic_windows.h: file. I modified like  below and it works.

/*#if !(defined Q_CC_BOR) || (__BORLANDC__ < 0x560)
extern "C" {
__declspec(dllimport) long __stdcall InterlockedCompareExchange(long *, long, long);
__declspec(dllimport) long __stdcall InterlockedIncrement(long *);
__declspec(dllimport) long __stdcall InterlockedDecrement(long *); __declspec(dllimport) long __stdcall InterlockedExchange(long *, long);
__declspec(dllimport) long __stdcall InterlockedExchangeAdd(long *, long);
}
#else */
extern "C" {
__declspec(dllimport) long __stdcall InterlockedCompareExchange(long volatile*, long, long);
__declspec(dllimport) long __stdcall InterlockedIncrement(long volatile*);
__declspec(dllimport) long __stdcall InterlockedDecrement(long volatile*);
__declspec(dllimport) long __stdcall InterlockedExchange(long volatile*, long);
__declspec(dllimport) long __stdcall InterlockedExchangeAdd(long volatile*, long);
}
// #endif

I simply commented the above code and it works.