You have actually built the JPEG library, haven't you? 
Did you run ldconfig after playing with the global system library search path? In any case, for development purposes you are far better off leaving the system path alone and using the LD_LIBRARY_PATH environment variable (or installing Qt into a location that is already searched).
The configure command for Qt does not need the repeated -l flags you have given it.
This really is not rocket science:
#!/bin/bash
export MYPROJ=/home/ivan/WinXP/Ivan_Maldonado/PeekDocuments/VideoProject
export MYJPEG=${MYPROJ}/jpeg-8blib
export LD_LIBRARY_PATH=${MYJPEG}/lib
cd ${MYPROJ}/QtInstallers/qt-everywhere-opensource-src-4.7.1
./configure -I${MYJPEG}/include -L${MYJPEG}/lib -prefix ${MYPROJ}/Trolltech/Qt-4.7.1
make
#!/bin/bash
export MYPROJ=/home/ivan/WinXP/Ivan_Maldonado/PeekDocuments/VideoProject
export MYJPEG=${MYPROJ}/jpeg-8blib
export LD_LIBRARY_PATH=${MYJPEG}/lib
cd ${MYPROJ}/QtInstallers/qt-everywhere-opensource-src-4.7.1
./configure -I${MYJPEG}/include -L${MYJPEG}/lib -prefix ${MYPROJ}/Trolltech/Qt-4.7.1
make
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The Qt source will happily build and run against this version of libjpeg (my system uses it globally). The version bundled inside Qt is version 8, I assume without the a and b patches. This whole exercise only has some value if Ivan wants something in the a or b patches, otherwise using the Qt bundled libjpeg would be a far easier option.
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