You can find nmake documentation here (I'm surprised you did not find it):
VS 2012:
http://msdn.microsoft.com/en-us/library/dd9y37ha.aspx
VS 2010:
http://msdn.microsoft.com/en-us/library/dd9y37ha(v=vs.100).aspx
VS 2008:
http://msdn.microsoft.com/en-us/library/dd9y37ha(v=vs.90).aspx
Earlier versions are also available but nmake has not changed much.
Variables that are accessed using the $(VARNAME) syntax are either environment variables, or variables declared inside the makefile itself.
Here's a really simple makefile that declares a variable, and the single rule (ALL) ouputs the PATH (from the environment) then the locally-declared variable.
MY_VAR=12345
ALL:
@echo $(PATH) $(MY_VAR)