If you don't have the correct MySQL directories then you don't have it installed properly or you don't have the proper version of MySQL. I use 5.0, but I've heard 5.1 works fine as well. You want the 32-bit version with the installer.
http://downloads.mysql.com/archives....sql-5.0&o=-win
If you use Perl 5.12 you will need to change these lines to "perl512.lib"
trunk\EQEmuServer\world\EQWParser.cpp(35):#pragma comment(lib, "perl510.lib")
trunk\EQEmuServer\zone\embperl.cpp(26):#pragma comment(lib, "perl510.lib")