To do win32 compiling
- Copy include/win32/setup.h to include/
- Copy makefile.win32 to Makefile
- Modify makefile to suit you
- Modify config.h to suit you 
- Make settings.h to suit you
you'll need to unzip src/wircd/unrealircd.bmp.gz as well using winzip

UnrealIRCd is not absolute to compile on Win32 yet