I have msvc 2008 express already, thank you.
1>------ Build started: Project: makepanda, Configuration: Release Win32 ------
1>Performing Makefile project actions
1>Storing dependency cache.
1>Elapsed Time: 1 sec
1>Could not find the Microsoft Platform SDK
1>Build terminated.
1>Build log was saved at "file://d:\DevEnv\Panda3D-1.7.0-Source\built\BuildLog.htm"
1>makepanda - 0 error(s), 0 warning(s)
========== Build: 1 succeeded, 0 failed, 0 up-to-date, 0 skipped ==========