$ pwd
/home/at/RPM/BUILD/fpc/rtl
$ make OS_TARGET=win32 BINUTILSPREFIX=i386-mingw32msvc- CREATESMART=1 RELEASE=1
make[1]: Entering directory `/home/at/RPM/BUILD/fpc/rtl/win32'
/bin/mkdir -p ../../rtl/units/i386-win32
i386-mingw32msvc-as -o ../../rtl/units/i386-win32/wprt0.o wprt0.as
i386-mingw32msvc-as -o ../../rtl/units/i386-win32/wdllprt0.o wdllprt0.as
i386-mingw32msvc-as -o ../../rtl/units/i386-win32/gprt0.o gprt0.as
i386-mingw32msvc-as -o ../../rtl/units/i386-win32/wcygprt0.o wcygprt0.as
/usr/bin/ppc386 -Ur -Twin32 -XPi386-mingw32msvc- -Xc -Xr -CX -Xs -OG2p3 -n -Fi../inc -Fi../i386 -FE. -FU../../rtl/units/i386-win32 -di386 -dRELEASE -Us -Sg system.pp
...
/usr/bin/ppc386 -Ur -Twin32 -XPi386-mingw32msvc- -Xc -Xr -CX -Xs -OG2p3 -n -Fi../inc -Fi../i386 -FE. -FU../../rtl/units/i386-win32 -di386 -dRELEASE winsysut.pp
make[1]: Leaving directory `/home/at/RPM/BUILD/fpc/rtl/win32'
$ cat test.pas
program test;
begin
  writeln('test');
end.
$ fpc -Fu./units/i386-win32 -Twin32 -XPi386-mingw32msvc- -OG2p3 -XX -Xs test.pas
$ l test.exe
-rwxr-xr-x  1 at at 25600 Oct 16 16:54 test.exe
$ file test.exe
test.exe: MS Windows PE 32-bit Intel 80386 console executable not relocatable
$ cp -av test.exe ~/.wine/drive_c/windows
`test.exe' -> `/home/at/.wine/drive_c/windows/test.exe'
$ DISPLAY=:1 wine test.exe
Warning: could not find DOS drive for current working directory '/home/at/RPM/BUILD/fpc/rtl', starting in the Windows directory.
test
$

Работает!  Интересно, без DISPLAY'я консольные программы под wine'ом
как-нибудь запустить можно?  xvfb-run? :-)