I was thinking it would get some args from Config, but I really don't know much about that. I have ActivePerl (built using MS compiler) and an MS compiler.

I was thinking it would get some args from Config

That was my first thought, too, but I couldn't find any instances of -out in either Config.pm or Config_heavy.pl.

I did find this, however, in ExtUtils::MM_Win32:

      push(@m,
       q{    $(LD) -out:$@ $(LDDLFLAGS) }.$ldfrom.q{ $(OTHERLDFLAGS) }
      .q{$(MYEXTLIB) $(PERL_ARCHIVE) $(LDLOADLIBS) -def:$(EXPORT_LIST)
+});
[download]

and wondered whether that might be where the botch up occurs. With MinGW, $(LD) will be g++ (so that part fits with what we're seeing from the op), but I'm not sure what's contained in the other symbols and haven't checked. In any case, that code comes from a block that should only be entered if 'cl' is the compiler.

There was a significant change from perl 5.10.0 to 5.10.1 on windows regarding $Config{cc}. With the former it was just plain old 'gcc' or 'cl' (or whatever), but with the latter it becomes 'X:/full/path/to/Y.exe' (where 'X' is the drive letter, and 'Y' is the name of the compiler.)
This meant that, in EU::MM_Win32:

my $GCC     = 1 if $Config{'cc'} =~ /^gcc/i;
[download]

had to be changed to:

my $GCC     = $Config{'cc'} =~ /\bgcc/i ? 1 : 0;
[download]

I don't quite see how all this fits in with the op's problem (and probably never will without perl -V and the version of EU::MM), but it looks a bit supicious.

Cheers,
Rob

Your comment are very plausible. Sorry for my late answer but I had flu the last 2 days and was in my bed :/

Normaly I use perl on my FreeBSD computers, windows are also virgin territory for me. Here is the output of your commands:

C:\Dokumente und Einstellungen\Administrator\Desktop\test>perl -V
Set up gcc environment - 3.4.5 (mingw-vista special r3)
Summary of my perl5 (revision 5 version 10 subversion 1) configuration
+:

  Platform:
    osname=MSWin32, osvers=5.00, archname=MSWin32-x86-multi-thread
    uname=''
    config_args='undef'
    hint=recommended, useposix=true, d_sigaction=undef
    useithreads=define, usemultiplicity=define
    useperlio=define, d_sfio=undef, uselargefiles=define, usesocks=und
+ef
    use64bitint=undef, use64bitall=undef, uselongdouble=undef
    usemymalloc=n, bincompat5005=undef
  Compiler:
    cc='C:/Perl/site/bin/gcc.exe', ccflags ='-DNDEBUG -DWIN32 -D_CONSO
+LE -DNO_ST
RICT -DHAVE_DES_FCRYPT -DUSE_SITECUSTOMIZE -DPRIVLIB_LAST_IN_INC -DPER
+L_IMPLICIT
_CONTEXT -DPERL_IMPLICIT_SYS -DUSE_PERLIO -DPERL_MSVCRT_READFIX -DHASA
+TTRIBUTE -
fno-strict-aliasing -mms-bitfields',
    optimize='-O2',
    cppflags='-DWIN32'
    ccversion='', gccversion='3.4.5 (mingw-vista special r3)', gccosan
+dvers=''
    intsize=4, longsize=4, ptrsize=4, doublesize=8, byteorder=1234
    d_longlong=undef, longlongsize=8, d_longdbl=define, longdblsize=8
    ivtype='long', ivsize=4, nvtype='double', nvsize=8, Off_t='__int64
+', lseeksi
ze=8
    alignbytes=8, prototype=define
  Linker and Libraries:
    ld='C:\Perl\site\bin\g++.exe', ldflags ='-L"C:\Perl\lib\CORE"'
    libpth=\lib
    libs=-lkernel32 -luser32 -lgdi32 -lwinspool -lcomdlg32 -ladvapi32 
+-lshell32
-lole32 -loleaut32 -lnetapi32 -luuid -lws2_32 -lmpr -lwinmm -lversion 
+-lodbc32 -
lodbccp32 -lmsvcrt
    perllibs=-lkernel32 -luser32 -lgdi32 -lwinspool -lcomdlg32 -ladvap
+i32 -lshel
l32 -lole32 -loleaut32 -lnetapi32 -luuid -lws2_32 -lmpr -lwinmm -lvers
+ion -lodbc
32 -lodbccp32 -lmsvcrt
    libc=msvcrt.lib, so=dll, useshrplib=true, libperl=perl510.lib
    gnulibc_version=''
  Dynamic Linking:
    dlsrc=dl_win32.xs, dlext=dll, d_dlsymun=undef, ccdlflags=' '
    cccdlflags=' ', lddlflags='-mdll -L"C:\Perl\lib\CORE"'


Characteristics of this binary (from libperl):
  Compile-time options: MULTIPLICITY PERL_DONT_CREATE_GVSV
                        PERL_IMPLICIT_CONTEXT PERL_IMPLICIT_SYS
                        PERL_MALLOC_WRAP PL_OP_SLAB_ALLOC USE_ITHREADS
                        USE_LARGE_FILES USE_PERLIO USE_SITECUSTOMIZE
  Locally applied patches:
        ActivePerl Build 1006 [291086]
        32728 64-bit fix for Time::Local
  Built under MSWin32
  Compiled at Aug 24 2009 13:48:26
  @INC:
    C:/Perl/site/lib
    C:/Perl/lib
    .

C:\Dokumente und Einstellungen\Administrator\Desktop\test>
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C:\Dokumente und Einstellungen\Administrator>perl -MExtUtils::MakeMake
+r -e "prin
t $ExtUtils::MakeMaker::VERSION"
Set up gcc environment - 3.4.5 (mingw-vista special r3)
6.56
C:\Dokumente und Einstellungen\Administrator>
[download]

I'll test a work around with manual change the Makefile, but this is only temporary. Can I install the VC and MakeMaker try to use it without any config changes?

best regards, Pascal Vizeli

Using ExtUtils::MakeMaker 6.56, I get the same results as you. When I still had 6.55_02, I got past linking to the original problem you had:

C:\stager2\Zmodem>perl Makefile.PL
Set up gcc environment - 3.4.5 (mingw-vista special r3)
Checking if your kit is complete...
Looks good
Writing Makefile for Device::Modem::Protocol::Zmodem

C:\stager2\Zmodem>dmake
cp lib/Zmodem.pm blib\lib\Zmodem.pm
C:\progs\perl5101\bin\perl.exe C:\Progs\perl5101\lib\ExtUtils\xsubpp  
+-typemap C:\progs\perl5101\lib\ExtUtils\typemap  Zmodem.xs > Zmodem.x
+sc && C:\progs\perl5101\bin\perl.exe -MExtUtils::Command -e "mv" -- Z
+modem.xsc Zmodem.c
Please specify prototyping behavior for Zmodem.xs (see perlxs manual)
c:/progs/perl5101/site/bin/gcc.exe -c           -DNDEBUG -DWIN32 -D_CO
+NSOLE -DNO_STRICT -DHAVE_DES_FCRYPT -DUSE_SITECUSTOMIZE -DPRIVLIB_LAS
+T_IN_INC -DPERL_IMPLICIT_CONTEXT -DPERL_IMPLICIT_SYS -DUSE_PERLIO -DP
+ERL_MSVCRT_READFIX -DHASATTRIBUTE -fno-strict-aliasing -mms-bitfields
+ -O2         -DVERSION=\"0.01\"    -DXS_VERSION=\"0.01\"  "-IC:\progs
+\perl5101\lib\CORE"   Zmodem.c
Running Mkbootstrap for Device::Modem::Protocol::Zmodem ()
C:\progs\perl5101\bin\perl.exe -MExtUtils::Command -e "chmod" -- 644 Z
+modem.bs
C:\progs\perl5101\bin\perl.exe -MExtUtils::Mksymlists \
     -e "Mksymlists('NAME'=>\"Device::Modem::Protocol::Zmodem\", 'DLBA
+SE' => 'Zmodem', 'DL_FUNCS' => {  }, 'FUNCLIST' => [], 'IMPORTS' => {
+  }, 'DL_VARS' => []);"
Set up gcc environment - 3.4.5 (mingw-vista special r3)
dlltool --def Zmodem.def --output-exp dll.exp
c:\progs\perl5101\site\bin\g++.exe -o blib\arch\auto\Device\Modem\Prot
+ocol\Zmodem\Zmodem.dll -Wl,--base-file -Wl,dll.base -mdll -L"C:\progs
+\perl5101\lib\CORE" Zmodem.o -Wl,--image-base,0x3f000000  C:\progs\pe
+rl5101\lib\CORE\perl510.lib -lkernel32 -luser32 -lgdi32 -lwinspool -l
+comdlg32 -ladvapi32 -lshell32 -lole32 -loleaut32 -lnetapi32 -luuid -l
+ws2_32 -lmpr -lwinmm -lversion -lodbc32 -lodbccp32 -lmsvcrt dll.exp
dll.exp:fake:(.edata+0x34): undefined reference to `boot_Device__Modem
+__Protocol__Zmodem'
dll.exp:fake:(.edata+0x38): undefined reference to `boot_Device__Modem
+__Protocol__Zmodem'
collect2: ld returned 1 exit status
dmake.exe:  Error code 129, while making 'blib\arch\auto\Device\Modem\
+Protocol\Zmodem\Zmodem.dll'
[download]

Try

cpan M/MS/MSCHWERN/ExtUtils-MakeMaker-6.55_02.tar.gz
[download]

Update: It seems I missed that this was already discovered

You have EU-MM-6.56, which is not the version of EU::MM that shipped with your ActivePerl. Sure enough, if I update EU::MM to version 6.56 on AS build 1006 (which is the same build of perl as you have) I get the same error as you.

Simplest way to fix this would be to resort to the original version of EU::MM that shipped with build 1006 - and the easiest way to do that would be to just re-install ActivePerl "on top of" the existing perl installation.
Then check that the version you have is reported as "6.55_02" (which, I think, might be different to the version 6.55_02 that's on CPAN). If it still reports 6.56, then we have to try and work out where that version 6.56 is located, and why it is being found instead of the version that ships with ActivePerl.

Cheers,
Rob