It wasn't clear from your message if you did, but you're supposed to use
the bjam build tool included with Boost to do the build. bjam will invoke
mingw directly; Dev-Cpp isn't involved at all. Check your Boost html
documentation that came with the download for details on using bjam. If you
have further difficulties, you'd do better to contact the help community
for Boost, as this isn't really a Dev-Cpp issue.
To answer your question, yes, I have successfully installed and built the
Boost library and am using it with Dev-Cpp, so it is definitely possible. I
am by no means an expert on Boost, though.
--- Kevin
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