I say the message with the patch called swr.diff, i tried patching it twice and was succesful with cygwin and i had the sam thing come up each time after all the o files were made.
/usr/lib/gcc-lib/i686-pc-cygwin/2.95.3-5/../../../../i686-pc-cygwin/bin/ld: cannot open output file ../bin/swr.exe : No such file or directory
collect2: ld returned 1 exit status
make[1]: *** [../bin/swr] Error 1
make[1]: leaving directory /cygdrive/c/ben/mudcodebases/swr-2.0/src
make: *** [all] Error 2
/usr/lib/gcc-lib/i686-pc-cygwin/2.95.3-5/../../../../i686-pc-cygwin/bin/ld: cannot open output file ../bin/swr.exe : No such file or directory
collect2: ld returned 1 exit status
make[1]: *** [../bin/swr] Error 1
make[1]: leaving directory /cygdrive/c/ben/mudcodebases/swr-2.0/src
make: *** [all] Error 2