[... SNIP ...]

> Not here:
> gcc -I. -c -gdwarf-2 -g3 -DEMACSDEBUG -fno-crossjumping -Id:/usr/include/libxml2 -DGLYPH_DEBUG=1 -DNO_LDAV=1 -DNO_ARCHIVES=1 -I../lib -I../nt/inc -I../src -DUSE_CRT_DLL=1 -o oo/i386/make-docfile.o make-docfile.c
> ^^^^^^^^
> Maybe this is because you are using the MSYS Make. Don't. Use the
> MinGW Make instead.
> Also, what kind of message is "compilation terminated"? Is your GCC
> also an MSYS GCC, perhaps?

Here is what I get with

mingw32-make.exe bootstrap MAKE=mingw32-make.exe

, in a cmd.exe console, but with still MSYS in my path (for rm and such likes):

mkdir "oo-spd"
mkdir "oo-spd/i386"
echo oo-spd/i386 > stamp_BLD
gcc -I ../src -I. -c -gdwarf-2 -g3 -mtune=pentium4 -O2 -I c:/Programme/GNU/installation/emacs-install/libXpm-3.5.7/include -I c:/Programme/GNU/installation/emacs-install/libXpm-3.5.7/src -o oo-spd/i386/make-docfile.o make-docfile.c
In file included from ../src/config.h:1673:0,
from make-docfile.c:37:
../src/conf_post.h:32:27: fatal error: ms-w32.h: No such file or directory

For some reason -I ../nt/inc is dropped, well I could just add --cflags -I   --cflags ../nt/inc  the call of configure.bat. 

My gcc is that from MingW32, and yes, AFAIK, it should MSYS compatible, but why should that matter: I understand that MSYS application are able to work like native MSWindows application, just the opposite is not possible.

Yes the "compilation terminated" message is from GCC, here is an experiment under a BASH shell to prove it:

/c/Programme/GNU/installation/emacs-install/emacs/trunk/src>cat > junk.c <<EOF
> #include <nowhere.h>
> void main(){}
/c/Programme/GNU/installation/emacs-install/emacs/trunk/src>gcc junk.c
junk.c:1:21: fatal error: nowhere.h: No such file or directory
compilation terminated.