the out put of qmake -v is:
----
D:\ashishdocs\programming\qttutorials\helloworld>q make -v
QMake version: 2.00a
Using Qt version 4.1.4 in C:\Qt\4.1.4\qt-win-opensource-src-4.1.4\lib
----

I tried compiling helloworld from the command line as per the commands you suggested. here is what I get:
---
D:\ashishdocs\programming\qttutorials\helloworld>q make -project

D:\ashishdocs\programming\qttutorials\helloworld>q make

D:\ashishdocs\programming\qttutorials\helloworld>n make

Microsoft (R) Program Maintenance Utility Version 8.00.50727.42
Copyright (C) Microsoft Corporation. All rights reserved.

"C:\Program Files (x86)\Microsoft Visual Studio 8\VC\BIN\nmake.exe" -f M
akefile.Release

Microsoft (R) Program Maintenance Utility Version 8.00.50727.42
Copyright (C) Microsoft Corporation. All rights reserved.

cl -c -nologo -Zm200 -GS -O1 -MD -DNDEBUG -GR -EHsc -W3 -DUNICODE -DQT_L
ARGEFILE_SUPPORT -DWIN32 -D_CRT_SECURE_NO_DEPRECATE -D_CRT_NONSTDC_NO_DEPRECATE
-DQT_DLL -DQT_NO_DEBUG -DQT_GUI_LIB -DQT_CORE_LIB -DQT_THREAD_SUPPORT -I"C:/Qt/4
.1.4/qt-win-opensource-src-4.1.4/include/QtCore" -I"C:/Qt/4.1.4/qt-win-opensourc
e-src-4.1.4/include/QtGui" -I"C:/Qt/4.1.4/qt-win-opensource-src-4.1.4/include" -
I"." -I"C:/Qt/4.1.4/qt-win-opensource-src-4.1.4/include/ActiveQt" -I"release" -I
"." -I"c:\Qt\4.1.4\qt-win-opensource-src-4.1.4\mkspecs\win32-msvc2005" -Foreleas
e\ @C:\DOCUME~1\ADMINI~1\LOCALS~1\Temp\nm17.tmp
helloworld.cpp
link /LIBPATH:"c:\Qt\4.1.4\qt-win-opensource-src-4.1.4\lib" /NOLOGO /SUB
SYSTEM:WINDOWS /incremental:no /OUT:"release\helloworld.exe" @C:\DOCUME~1\ADMINI
~1\LOCALS~1\Temp\nm18.tmp
MSVCRT.lib(cinitexe.obj) : warning LNK4098: defaultlib 'libcmt.lib' conflicts wi
th use of other libs; use /NODEFAULTLIB:library

D:\ashishdocs\programming\qttutorials\helloworld>
--------
This works-there is a helloworld.exe in release folder. But then how do I open it in visual studio IDE for editing/debug etc. I need to use Qt with another 3D visualization API known as VTK.