This the example from Iczelion s Win32 Assembly Tutorial part 24. In order to assemble the example, you have to have ml.exe, link.exe and nmake.exe in your path. If they re not in the path, you will have to edit makefile to include the full path. You

Inject easy pe-loader code into Explorer (x32) and load module in this process. Playload create in obj file(masm32), linked in Visual Studio