What are you compiling with? MSVC or mingw? If the former, I have found this link incredibly helpful... http://www.holoborodko.com/pavel/2011/02/01/how-to-compile-qt-4-7-with-visual-studio-2010/
I have followed his instructions for 64bit and 32bit builds many times.
Edit: You have your qt build configured for a MSVC2010 (1600) build, so it's looking in the "C:\Program Files (x86)\Microsoft Visual Studio 10.0\VC\Bin\amd64\nmake.exe" directory, which doesn't exist if you only have MSVC2012 (which is version 11.0).
Qt 4.8 doesn't officially support MSVC2012 (yet?), but if you really want to use 2012 then you can try the suggestions at this link. It's complicated, especially if this is your first source build, but seems do-able if you're willing to tinker with the Qt source code.