Where you have
spamd/spamc.exe: [..etc...] cd spamd cl /DWIN32 spamd/spamc.c spamd/getopt.c [ ...etc. ...]
It was
spamd/spamc.exe: [..etc...] cd spamd cl /DWIN32 spamc.c getopt.c [ ...etc. ...]
and the / in the target just made it always run instead of checking the dependency. So changing all the / to \ in the pathnames, including in the targets should work.
So go ahead and do it... I really have to get to the office :-)
-- sidney
