After Pierre's nice hint after my rant about compile failures (his comment said download this huge file from Edin's site...)
I downloaded zip.zip (nice descriptive name eh?) from edin's site. Deleted my current win32build directory - unzipped that monster, took the php_build, dropped it where win32build was and renamed it (hey, took me a long time to get all the include/bin/lib dirs right) and headed back to the command line.
nmake clean (just in case)
VOILA - It compiled!
Now I just have to figure out how to get php-gtk2 into the mix and I'll be a happy happy camper. Off to download more files!