Can't Compile Engine - ..\engine\terrain\blender_asm.asm

Hey guys,

I'm having one hell of a time getting the engine to compile - Here's the error:

--------------------Configuration: Torque Demo - Win32 Debug--------------------
Performing Custom Build Step on ..\engine\terrain\blender_asm.asm
'C:\DOCUME~1\FSPENCER' is not recognized as an internal or external command,
operable program or batch file.
Error executing c:\windows\system32\cmd.exe.

torqueDemo_DEBUG.exe - 1 error(s), 0 warning(s)

I'm using VC6 SP6 w/ VC6 .cc compiling.reg

-Updated paths and VC directories to make sure it can easily find nasm.
-Changed workspace directory to ProjDir, in the dsp's.
-Updated NASM to latest build...I can build the blender obj through cmd line.
-Tried uninstalling and Reinstalling VC.

I can't afford to upgrade to .NET =(

Thanks for any help. =)