I got error message 

Error spawning cmd.exe
during compiling of Blender sources. The cause was in system PATH environment variable. Some buggy software I had installed and uninstalled before erased all contents of PATH. So I found out that Visual Studio 2008 has missing paths to

%SystemRoot%\system32; %SystemRoot%; %SystemRoot%\System32\Wbem;
A added it and the problem gone.