The reason that MakeMaker can't find Perl is because:

1. $^X is returning "c:\\perl\\bin\\perl.exe" instead of the usual "perl".
2. The line of perl/lib/ExtUtils/MM_Win32.pm that reads next unless $self->maybe_command($abs); should really read next unless $abs= $self->maybe_command($abs);.

Please do me a favor and use perlbug to report number 2 so it will be fixed (this saves me some time and gives you a little practice in contributing to the community).

As for number 1, it might be something weird about IndigoPerl or about the way you are executing perl Makefile.PL. Perhaps you have a file type association for *.PL and are just running Makefile.PL which translates into c:\perl\bin\perl.exe Makefile.PL, which triggers the bug in MM_Win32.pm.

The DynamicState web site says that you'll need DevStudio (aka Microsoft Visual Studio, including Visual C++) to build modules that include XS code.