Well, i've got the same problem. Slackware 12.0. Making Wine 1.1.4, but the problem has been since 0.9x.
make -d:
...
Trying pattern rule with stem `Makefile.in.sh'.
Trying implicit prerequisite `SCCS/s.Makefile.in.sh'.
No implicit rule found for `Makefile.in'.
Finished prerequisites of target file `Makefile.in'.
No need to remake target `Makefile.in'.
Finished prerequisites of target file `acledit.dll.so'.
Must remake target `acledit.dll.so'.
../../tools/winegcc/winegcc -B../../tools/winebuild -shared ./acledit.spec main.o -o acledit.dll.so -lkernel32 ../../libs/port/libwine_port.a
winebuild: Cannot read main.o
winegcc: ../../tools/winebuild/winebuild failed
Putting child 0x080a5348 (acledit.dll.so) PID 4357 on the chain.
Live child 0x080a5348 (acledit.dll.so) PID 4357
Reaping losing child 0x080a5348 PID 4357
make[2]: *** [acledit.dll.so] Error 2
Removing child 0x080a5348 PID 4357 from chain.
make[2]: Leaving directory `/tmp/wine-1.1.4/dlls/acledit'
Reaping losing child 0x084fb2f8 PID 4352
make[1]: *** [acledit] Error 2
Removing child 0x084fb2f8 PID 4352 from chain.
make[1]: Leaving directory `/tmp/wine-1.1.4/dlls'
Reaping losing child 0x08265990 PID 3589
make: *** [dlls] Error 2
Removing child 0x08265990 PID 3589 from chain.
