Microsoft has release a free version of its command-line compiler. Here is a little tutorial on how to get the MS Free Tool working and how to compile ITK with it.
First you have to download the MS Free tool from Microsoft website:
http://msdn.microsoft.com/visualc/vctoolkit2003/
However the free MS VC++ toolkit is missing some important tools like "lib.exe", "nmake.exe", "cvtres.exe". To get them you can download the free SDK from microsoft:
http://www.microsoft.com/msdownload/platformsdk/sdkupdate/
You just need the Core SDK. After installing you need to modify the environement variables on your computer:
(Another approach is to append (after all other bin path), the path: C:\Program Files\Microsoft SDK\Bin\Win64 since nmake depends on another lib from this directory). Also on a side note you can only compile in Release mode and not Debug mode since Visual C++ Toolkit 2003 is only shipped with libcmt.lib and not libcmtd.lib
You should now be able to compile an application using the free compiler.
Only the next release of CMake (2.0.4) will support the Free MS compiler. However, you can get the cvs version of CMake and compile it using your favorite windows compiler and run it.
http://www.wxwindows.org/lnk_msw.htm
http://www.winprog.org/tutorial/msvc.html