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Hi, I patched Python 2.4.2 source code download with this 
(can't get CVS as bandwidth is limited).

context-cross.patch fails on one chunk of Makefile.pre.in, 
although hand application fixed it.  Otherwise, context-
mingw-2.patch applied cleanly.

With both applied, I did the following:

export BASECFLAGS="-mcpu=arm9tdmi -mcpu=arm9tdmi -ffast-
math -mthumb -mthumb-interwork -DARM9 -D__NDS__"
export CFLAGS="-mcpu=arm9tdmi -mcpu=arm9tdmi -ffast-math -
mthumb -mthumb-interwork -DARM9  -D__NDS__"
export LDFLAGS="-specs=ds_arm9.specs -g -mthumb -mthumb-
interwork -Wl,-Map,libpython2.4.map"

sh configure --host=arm-elf

This is what eventually happened:

PATH=/usr/bin:.:/usr/local/bin:/mingw/bin:/bin:/c/WINDOWS/s
ystem32:/c/WINDOWS:/c/WINDOWS/System32/Wbem:/c/Program 
Files/ATI Technologies/ATI Control 
Panel:/c/PROGRA~1/COMMON~1/SONICS~1/:/c/Program 
Files/Common 
Files/Adobe/AGL:/usr/bin:/c/devkitpro/devkitarm/bin:. cc -
c -I -I./Include  -o Parser/acceler.x Parser/acceler.c
/bin/sh: Files/ATI: No such file or directory
make: *** [Parser/acceler.x] Error 127

Looks like the patch needs to handle paths with spaces in, 
in the PATH.