This is how I used to build QMC2 with old MAME tools, described in a little guide which I made:

How to compile QMC2 in Windows (from the beginning... Step-by-step... the easiest way)

You'll need: a computer, internet and desire to build QMC2 for yourself!
1- Go to:
*if you're using a x86 Windows platform, download the first binary.
*and if your Windows is a x64 platform, download the second.
NOTE: Well, now we have different tools there wink

2- Extract the content of the folder, and put it in C:/ (or wathever is the name of your root directory).
Now execute the setup-Python.bat and setup-Qt.bat from this directory.

You have the compiling environment ready for compiling QMC2!
Now let's get the code.

NOTE: These .bat files doesn't exist anymore with the new MAME tools

3- Download most recent version of tortoise SVN and install in your computer.

4- Create a folder anywhere, and right click with the mouse. Choose "SVN Checkout".

Write and click OK. tortoise SVN will get the most recent code from SVN for you. After that, for the next time that you'll compile, you can skip steps 1-4 and just choose "SVN Update" to get the most recent version of the code.
Recent code in the directory, lets compile QMC2.
NOTE: Ok, Tortoise still usable for get the source code smile

5- Write the follow text in notepad, and save as <anything you want>.bat (to build a windows x64 version of QMC2)

set MINGW_HOME=c:\mingw64-w64\bin\
set QT_PLUGIN_PATH=c:\mingw64-w64\Qt\plugins\
set QT_BIN_PATH=c:\mingw64-w64\Qt\Bin\
set x86_64-w64-mingw32=c:\mingw64-w64\x86_64-w64-mingw32\bin\
set TEMP=c:\temp\
set TMP=c:\temp\
set PATH=%MINGW_HOME%;%QT_PLUGIN_PATH%;%QT_BIN_PATH%;%x86_64-w64-mingw32%;%TEMP%;%TMP%
echo QMC2 Enviroment Ready!
echo To Build QMC2-MAME type:
echo make
make clean MINGW=1
make distclean
make EMULATOR=mame WIP=1 MINGW=1

NOTE: This part, is the most problematic, as these directories doesn't exist anymore in the new MAME build tools

6-Execute the .bat file.
If no errors happens, it will generate QMC2 for your a x64 Windows.

7- Create a new folder.
Name it, for example "QMC2 aplication".You'll need to put the following files in this place:

1. From qmc compile folder take "data" folder and copy in "QMC2 aplication" folder.
2. Copy from your mingw64-w64\Qt\bin\, only .dlls to "QMC2 aplication" folder.
3. Copy from your \mingw64-w64\Qt\plugins\ folder -"sqldrivers" to "QMC2 aplication".
4. Copy from same folder "phonon_backend" to "QMC2 aplication".
5. Copy from your \mingw64-w64\x86_64-w64-mingw32\bin\SDL.dll to "QMC2 aplication".
*for windows x86, "mingw64-w64" will be "mingw64-w32".
You can keep this folder for future compilations. Look to the left image to see how it will look like.

8- From the folder from the code, find "release" directory and grab the QMC2 variant that you compiled.
You can put in the folder together with the files in the "QMC2 aplication".

9-Execute QMC2 from there and PROFIT!

"A user interface is like a joke. If you have to explain it, it's not that good."