First, get the latest source from http://freetype.sourceforge.net/download.html#stable and extract it in a convenient place, then configure, build and install it:

$ LDFLAGS="-no-undefined" ./configure --prefix=/opt/ft
$ make all install

Note that configure will report that you are running on Unix, but that's OK. You're not running on Unix, but you're running on MinGW, which is a GNU environment, which is what configure really means by “Unix”.

First, get the latest source from http://sourceforge.net/projects/ftgl/files/ and extract it in a convenient place.

Like FreeType, FTGL thinks MinGW is “Unix”.

$ cd unix

Edit m4/gl.m4 and replace every instance of -lGL with -lopengl32 and every instance of -lGLU with -lglu32.

$ rm acinclude.m4 aclocal.m4
$ aclocal -I m4
$ autoconf
$ PATH=/opt/ft/bin:$PATH LDFLAGS=-no-undefined ./configure --prefix=/opt/ft --with-gl-lib=/c/windows/system32
$ make all install

XXX doesn't actually work