I copied the boost installation zip file for windows  the boost_1_32 zip file to c:\temp.
 
The zip file was then expanded to c:\temp\boost_1_32_0.
 
If one follows the instructions for building bjam from c:\temp\boost_1_32\tools\build\jam_src\
a bjam.exe gets created in c:\temp\boost_1_32_0\tools\build\jam_src\ bin.ntx86.
 
I dont have any boost set up in the environment path.
 
I have copied the bjam.exe to c:\windows\system32.
 
I then type the boost install command below as per boost building instructions for visual c++ 7 as per below.
 
C:\temp\boost_1_32_0>bjam "-sTOOLS=vc-7_1"  install
 
Regards
 
Theo