Hi
I had the same problem with QT v 4.7.0 on my machine.
Struggled for a couple of weeks but finally understood what was going wrong.
Go to tools>options>QT4>QT version
Place your cursor on the "path" in "MANUAL".
Do u see any invalid paths set for different variables (like for SRC, QT_INSTALL_LIBS, QT_INSTALL_DEMOS etc). Something like C:\QT\Trolltech............
If yes, then the problem is there`s a shell script which did not run during the installation process due to SOME reason.
SOLUTION:
Go to your QT directory (like mine is "C:\Qt\2010.05\qt"). There will be a file with the name "configure". This is the file I am talking about.
Go to QT command prompt and type "configure" and enter..This will take around 30 min.
After which it will ask you to configure "mingw32-make" in the QT command prompt only. JUst write "mingw32-make" and press enter. This will take around 15 min.
Restart your computer.
It should work now.
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