It looks like you were running the configure from a command prompt that was not set up to use the relevant Microsoft compiler suite, which is why nmake was not found. There is usually a Start menu entry to start a suitable Microsoft development command prompt. However, you can run vcvarsall.bat or vcvars32.bat (from the VC bin directory) in any command shell to set it up.

MSVC 2010 is not a tier one platform so you may experience problems.
http://doc.qt.nokia.com/4.7/supported-platforms.html