nmake not found when adding package

I get the following when trying to add PySide to a python3.2 virtual env using PyCharm CE.....

nmake not found. Trying to initialize the MSVC env...
Searching MSVC compiler version 9.0
error: Failed to find the MSVC compiler version 9.0 on your system.

Looks like some Microsoft component is missing. Any ideas where to go from here??