I cannot build the Ruby "stable snapshot" on Win32 using the Microsoft
build tools, as instructed in win32\README.win32.

Ruby itself appears to build just fine, but (I think) some template
substitutions are not being performed in generating Makefiles for the
extensions. 

Here are the last few lines of messages from the build process before
it craps out:
=================================
        .\miniruby.exe ./win32/mkexports.rb -output=mswin32-ruby16.def libruby.l
ib
        lib -nologo /OUT:mswin32-ruby16.lib /DEF:mswin32-ruby16.def
LIB : warning LNK4068: /MACHINE not specified; defaulting to IX86
   Creating library mswin32-ruby16.lib and object mswin32-ruby16.exp
        set LIB=../..;E:\Microsoft Visual Studio\VC98\lib
compiling Win32API
Makefile:29: *** missing separator.  Stop.
==================================

The Win32API Makefile looks like this around the line in question:

   prefix = @prefix@
   exec_prefix = @exec_prefix@
   libdir = @libdir@
   #pkglibdir = $(libdir)/$(RUBY_INSTALL_NAME)/1.6
   pkglibdir = $(libdir)/ruby/1.6
   archdir = $(pkglibdir)/@arch@
   @SET_MAKE@

@SET_MAKE@ is line 29.  As you can see, there are a lot of those
@tokens@ in the text.  It's my uneducated guess that they don't
belong.

Any guidance, reassurance, or corrective action will be eagerly
welcomed.

-- 
Jonathan Feinberg   jdf / pobox.com   Sunny Brooklyn, NY
http://pobox.com/~jdf