My VM was installed by the user called operator so my home directory is /home/operator.
The sources are installed in c:\MinGW\msys\1.0\home\operator\cerbero\sources\windows_x86_64

1) install VMWare Workstation 12 on my Machine.
2) install Windows Professional 7 x64 English
3) Updated Windows by installing current patch set.
4) Installed german keyboard and changed location to Germany.
5) Installed Firefox and Security Essentials.
I made a first snapshot here. Unfortunately, windows then decided it wanted to install more updates after the snapshot was made.
6) installed mingw 32bit installer, selected a complete installation of binaries and then installed MinGW to C:\MinGW
7) Installed vim7.4, python2.7, cmake, git and wix35 as described by (Ref. 1)

This is where I made a second snapshot.

8) I made a link to c:\MinGW\msys\1.0\msys.bat on the desktop
9) Start msys and set up it's environment by typing
echo "export PATH=\"\$PATH:/c/Python2.7:/c/Git/bin:/c/MinGW/bin"" > ~/.profile           (Ref. 1)
10) restart msys
11) download the cerbero build system using
git clone git://cgit.freedesktop.org/gstreamer/cerbero
WARNING this requires that the git port is not blocked by the firewall which
is the case when using the my company's network.
12)copy the file config/Win64.cbc to ~/.cerbero/cerbero.cbc
13) switched to gstreamer version 1.6 by entering git checkout 1.6 from the cerbero directory.
14) installed patch as described in bugzilla.gnome.org bug 755222
15) Ran cerbero/cerbero-uninstalled bootstrap
this installs the rest of the build environment.
16) Ran cerbero/cerbero-uninstalled package gstreamer1.0

Ref. 1) docs.gstreamer.com/display/GstSDK/Building+from+source+using+cerbero
WARNING This document was written for the 0.10 version. a comparable document has not been written for 1.0. 
Some of it is useful but the provided source directories are out of date.