From experience, that way lies only madness.
I'd recommend downloading a prebuilt windows binary
My guess for this particular error is that your compiler does not match the one python 3.4 was built with - if you're upgrading from a working 2.7 setup, that would make sense, since python switched from MSVC 2008 to MSVC 2010.
I was able to get it to compile with the Microsoft Visual C++ 2010 compiler, but with neither JPEG or PNG support.