This is mostly for my own personal record but may be someone else can benefit from this

1. Install the MSYS/MINGW from http://mingw.org/ into say c:\msys
2. Install Bazar for windows from http://bazaar.canonical.com/en/ 
3. Open the bzr command prompt and pull the emacs sources into say c:\emacs-src  by running bzr branch http://bzr.savannah.gnu.org/r/emacs/trunk
4. Now open the command line and go to c:\emacs-src\trunk\nt 
5. Set Path to mingw and msys by running 
   set path=c:\mingw\bin;C:\msys\1.0\bin\
6. Delete the c:\emacs\emacs-lat contents and create directory if not there previously
7. Configure by running (set the flags accordingly). Not the path uses “/” instead of normal windows “\”. This is intentional
   configure.bat —cflags -IC:/GnuWin32/include —cflags -IC:/gnutls/include —cflags -msse2 —cflags -O3 —no-debug —with-gcc —prefix=c:/emacs/emacs-lat 
8. Run mingw32-make bootstrap
9. Run mingw32-make info
10. Run mingw32-make
11. Run mingw32-make install

You should have emacs24 compiled into c:\emacs\emacs-lat\bin at this point.