Kevin and Francisco have published an article on Building Mono on Windows.
This article was aimed at folks that are consumers of Mono maybe even contributors of patches and documentation. My approach when collaborating with Kevin Shockey was to give departmental developers a way to build the latest and greatest. These are the folks that may have even reported a bug to the list and gotten a reply like:
"Is fixed on SVN".
The twist on this witting is that the build approach does not use MS .NET Framework, rather uses Mono to build Mono. We will later put out a set of modified instructions to uncomment a couple of lines that we suggest creating on the user's .bashrc file to enable the build using csc.exe rather than mcs.