1) Download and install the Qt libraries for Windows from https://qt.nokia.com/downloads/ (the Visual Studio 2008 or 2010 version as appropriate)
2) Download and install Visual Studio 2008 or 2010 Express Edition (free) from https://www.microsoft.com/visualstudio
2) Download and install Visual Studio 2008 or 2010 Express Edition (free) from https://www.microsoft.com/visualstudio. If using Visual Studio 2010, make sure you are running at least SP1. There is a linking error you'll encounter otherwise that will prevent compilation.
3) Go to the QGroundControl folder and then to thirdParty/libxbee and build it following the instructions in win32.README