As said in reame_win32.txt:
With Microsoft Visual C++
-------------------------
You have to rename some files before doing anything:
src\server\config.h.win -> src\server\config.h
src\server\vls_builtins.cpp.win -> src\server\vls_builtins.cpp
src\core\defs.h.win -> src\core\defs.h
You have to link dvbpsi with vls. All the needed files can be found in
ftp://ftp.videolan.org/pub/videolan/lib ... _win32.zip
(uncompress it in the root vls directory)
Then open the project file 'vls.dsp' and build it.