$ make -v
GNU Make 3.82
Built for i386-pc-mingw32
Copyright (C) 2010 Free Software Foundation, Inc.
This is free software: you are free to change and redistribute it.
There is NO WARRANTY, to the extent permitted by law.
I have not seen the build hang with this version of make on a Win32 system.
Don't remember for sure, but I think you can get make with
$ mingw-get update
$ mingw-get install mingw32-make
If memory serves, you can also work around the problem by changing the following line in src\make.bash
MAKEFLAGS=${MAKEFLAGS:-"-j4"}
and change it to
MAKEFLAGS=${MAKEFLAGS:-"-j1"}