Here are the links to freeware compilers, some of which can really beat those of Borland & Microsoft. All listed below are fully functional except those marked [Demo] or [Shareware]. Most of these compilers allow to create applications for Win32 Console & GUI. The mark "(+src)" means that the product is distributed open-source.

    Assemblers

    HLA - High-level assembler (+src)
    http://webster.cs.ucr.edu/

    Light Macro Assembler [Demo]
    http://www.tamasoft.co.jp/lasm/index-e.html

    CodeX Assembler
    http://www.pageofmarco.de/codex/eng/

    Fasm (+src)
    http://flatassembler.net/

    GoAsm
    http://www.godevtool.com/

    Macro Assembler AS (+src)
    http://john.ccac.rwth-aachen.de:8000/as/index.html

    Masm32
    http://www.masm32.com/
    http://www.movsd.com/

    Nasm (+src)
    http://nasm.sourceforge.net/

    NewBasic Assembler
    http://www.frontiernet.net/~fys/newbasic.htm

    Pass32
    http://www.geocities.com/siliconvalley/bay/9159/pass32.html

    RosAsm (SpAsm) (+src)
    http://betov.free.fr/RosAsm.html

    Yasm (+src)
    http://www.tortall.net/projects/yasm/

    Lasm – Lazy Assembler
    http://lzasm.hotbox.ru/

    TDasm – Table Driven Assembler (+src)
    http://www.penguin.cz/~niki/tdasm/

    Basic Compilers
    (the "real" compilers are meant which emit native machine code).

    BCX – Free Basic to C Translator (+src)
    http://www.bcxgurus.com/
    http://bcx-basic.sourceforge.net/
    http://rjpcomputing.com/programming/bcx/devsuite.html

    Bcet
    http://www.arargh.com/basic/

    Blitz Basic (Blitz3D & BlitzPlus) [Demo]
    http://www.blitzbasic.com/

    Blunt-Axe Basic Compiler (+src)
    http://www.geocities.com/blunt_axe_basic/

    Dark Basic [Demo]
    http://www.darkbasic.com/

    Free Basic (+src)
    http://www.freebasic.net/

    GLBasic [Demo]
    http://www.glbasic.com/

    GNU Liberty Basic to C translator (+src)
    http://lbpp.sourceforge.net/

    Hot Basic [Demo]
    http://www.angelfire.com/space/netcensus/hotbasic.html

    MS Basic 5.28
    IBM Personal Computer Basic A2.10
    IBM Basica 3.0 version 1
    GW Basic 2.01, 2.02, 3.20, 3.22, 3.23
    MS Basic Compiler 1.0, 2.0
    MS QBasic 1.0, 1.1 (+src) !!!
    MS QuickBasic 2.0, 2.01, 3.0, 4.0, 4.5
    MS Basic PDS 7.0, 7.1
    MS Visual Basic 1.0 for DOS
    MS Visual Basic 1.0, 2.0 for Windows
    MS Visual Basic 3.0, 4.0
    http://www.ojodepez-fanzine.net/network/qbdl

    Play Basic [Demo] mirror (~5,2Mb)
    http://www.playbasic.underwaredesign.com/

    Power Basic for Windows 7.0 [Shareware]
    http://www.powerbasic.com/

    Pure Basic [Demo]
    http://www.purebasic.com/

    Quickforward (+src)
    http://www.sunbeem.net/quickforward/

    SpeedBasic (former vsBasic) (QB/VB to C++ Translator)
    http://home.comcast.net/~martinmnet/speedbasic.html

    X Basic (+src)
    http://www.xbasic.org/
    http://www.maxreason.com/software/xbasic/xbasic.html
    http://xb.thecavac.com/start.html

    XB Lite (+src)
    http://perso.wanadoo.fr/xblite/

    XST Basic
    http://www.geocities.com/snakessoft/

    Basic Interpreters

    BBC Basic [Demo]
    http://www.bbcbasic.org/
    http://www.compulink.co.uk/~rrussell/

    Blassic (+src)
    http://www.arrakis.es/~ninsesabe/blassic/

    CaRaCaL 0.9 (+src)
    http://caracal.sourceforge.net/

    Chipmunk Basic
    http://www.nicholson.com/rhn/basic/

    eDIV 0.1.3 (+src)
    http://ediv.divsite.net/

    Envelop Visual Basic
    http://www.freebyte.com/programming/compilers/envelop.html

    GFA Basic
    http://www.rowalt.de/pc/gfabasic/ueber.htm

    HT Basic [Demo]
    http://www.techsoft.de/htbasic/htbasic.htm

    Ibasic [Shareware]
    http://www.pyxia.com/

    Liberty Basic [Shareware]
    http://www.libertybasic.com/

    MiniBasic (+src)
    http://perso.wanadoo.fr/retromatique/MiniBasic/

    Omni [Shareware]
    http://www.omnibasic.com/

    RapidQ
    http://www.basicguru.com/abc/rapidq/

    Small Basic (+src)
    http://smallbasic.sourceforge.net/
    http://www.kenai.com/vb4tools/sbi.htm

    wxBasic (+src)
    http://wxbasic.sourceforge.net/

    Ya Basic (+src)
    http://www.yabasic.de/

    Pascal

    Bloodshed Dev-Pascal
    http://www.bloodshed.net/devpascal.html

    Borland Delphi 6 Personal Edition (~144Mb!!!) mirror
    http://www.borland.com/products/downloads/download_delphi.html

    Dpas
    http://www.geocities.com/siliconvalley/bay/9159/dpas.html

    Free Pascal (+src)
    http://www.freepascal.org/

    GNU Pascal (+src)
    http://www.gnu-pascal.de/

    TMT Pascal [Demo]
    http://www.tmt.com/

    Turbo Pascal 1.0, 3.2, 5.5
    http://community.borland.com/museum/

    Pascal Pro by Iggor Khachko (+src)
    http://www.fortunecity.com/skyscraper/sql/39/

    Virtual Pascal (project oficially stopped)
    http://www.vpascal.com/

    Pascal-XSC (needs DOS extender rsx.exe ~112kb)
    http://www.uni-karlsruhe.de/~iam/html/pascal/pascal-xsc/download.html

    C/C++

    ACC
    http://www.xdr.com/dash/davedos.html

    Bloodshed Dev-C++ (Mingw + IDE)
    http://www.bloodshed.net/dev/devcpp.html

    Borland C++ 5.5 Command-line Tools (~8Mb) mirror1 mirror2 mirror3
    http://www.borland.com/bcppbuilder/freecompiler/

    CC386 by David Lindauer (+src)
    http://members.tripod.com/~ladsoft/

    DiceRTE (for DOS32)
    http://www.diefer.de/dicerte/

    Digital Mars C++
    http://www.digitalmars.com/

    DJGPP – DJ Delorie’s GNU C (+src)
    http://www.delorie.com/djgpp/

    Extended C Development Kit & XSCompiler (+src)
    http://openecdk.sourceforge.net/

    GNU Win32 (+src)
    http://www.xraylith.wisc.edu/~khan/software/gnu-win32/

    Intel C/C++ Compiler [Shareware]
    (~109Mb) v8.0.040; (~43Mb) v5.0.1-15; (~75Mb) v7.0.073; (~74Mb) v7.1.005
    http://www.intel.com/software/products/compilers/downloads/cwin.htm

    Lcc – a Retargetable Compiler for ANSI C (+src)
    http://www.cs.princeton.edu/software/lcc/

    Lcc-Win32
    http://www.cs.virginia.edu/~lcc-win32/

    Microsoft Visual C++ Toolkit 2003
    (~31,5Mb) mirror
    http://msdn.microsoft.com/visualc/vctoolkit2003/

    MinGW (+src)
    http://www.mingw.org/

    Miracle C [Shareware]
    http://www.c-compiler.com/

    Pacific C
    http://www.htsoft.com/products/pacific/

    Pelles C
    http://www.smorgasbordet.com/pellesc/

    Turbo C 1.0, 1.5, 2.01; Turbo C++ 1.0
    http://community.borland.com/museum/

    Ultimate++
    http://upp.sourceforge.net/overview.html

    Watcom C++ (+src)
    http://www.openwatcom.org/

    Other languages

    Elaya (+src)
    http://www.elaya.org/

    Inger 0.3 beta (+src)
    http://inger.sourceforge.net/

    Clean
    http://www.cs.kun.nl/~clean/

    Sphinx C--
    http://c--sphinx.narod.ru/

    Strannik Modula-C-Pascal (+src)
    http://home.perm.ru/~strannik/

    D (+src)
    http://www.digitalmars.com/d/index.html

    TALx86 (Typed Assembly Language +src)
    Popcorn (a prototype compiler for a safe C-like language +src)
    SCHEME-- (a prototype compiler for a subset of the scheme language +src)
    http://www.cs.cornell.edu/talc/default.html

    BAssPasC
    http://banki1.banki.hu/~arpi/

    Game Interpreters
    
    Euphoria
    http://www.rapideuphoria.com/
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