I'm on Windows 7 and I managed to compile ECL with MSVC. It works fine as a repl, but it seems that attempting to use asdf:make-build to build any system fails with the error in the subject. This behavior seems independent of both the :type argument passed to make-build and of the system you're attempting to build (I've tried it with a dummy system that contains no files or dependencies).

After a bit of testing, I think I've determined that the error occurs in asdf:operate, but my SLIME doesn't know where to find that function's source, so I'm at a loss for how to continue.

The following code reliably reproduces the error on my machine:
(asdf:defsystem :hands) ; note that the same error occurs if you substitute :cffi, :lispbuilder-sdl, or any other system
(asdf:make-build :hands)
(asdf:make-build :hands :type :fasl)
(asdf:make-build :hands :type :dll)

; asdf:operate also gives the error
(asdf:operate 'asdf::fasl-op :hands)
(asdf:operate 'asdf::monolithic-fasl-op :hands)
(asdf:operate 'asdf::dll-op :hands)