Here's how to compile QT 3.3.5 statically, since clicking on the compile static libraries option when compiling qt does not work:

cd qt\3.3.5\mkspec\msuc-logs
change the first two lines containing "mdd -7mtd" to "mdd -7mt"

cd qt\3.3.5\src
qmake qt.pro
nmake clean
nmake
qmake qtmain.prj
nmake clean
nmake

These instruction would have been nice if they were available some where.