Well... I installed the right minGW file, corrected the path in the Autoexec.bat file, and I still have the same problem.

C:\Qt\4.2.1>mingw32-make
mingw32-make -f Makefile.Debug all
mingw32-make[1]: Entering directory `C:/Qt/4.2.1'
g++ -c -g -g -Wall -frtti -fexceptions -DUNICODE -DQT_LARGEFILE_SUPPORT -DQT_DLL
-DQT_GUI_LIB -DQT_CORE_LIB -DQT_THREAD_SUPPORT -DQT_NEEDS_QMAIN -I"C:/Qt/4.2.1/
include/QtCore" -I"C:/Qt/4.2.1/include/QtCore" -I"C:/Qt/4.2.1/include/QtGui" -I"
C:/Qt/4.2.1/include/QtGui" -I"C:/Qt/4.2.1/include" -I"C:/Qt/4.2.1/include/Active
Qt" -I"tmp\moc\debug_shared" -I"c:\qt\projects\helloWorld" -I"." -I"mkspecs\win3
2-g++" -o tmp\obj\debug_shared\main.o c:\qt\projects\helloWorld\main.cpp
'g++' is not recognized as an internal or external command,
operable program or batch file.
mingw32-make[1]: *** [tmp\obj\debug_shared\main.o] Error 1
mingw32-make[1]: Leaving directory `C:/Qt/4.2.1'
mingw32-make: *** [debug-all] Error 2

The error states that g++ is not recognized... Do I need to rebuild the debug libraries?