ftp://ftp.idsoftware.com/idstuff/source/quake3-1.32b-source.zip

It's missing a DirectX library if you wish to compile. You'll have to point a reference to the dll in the library. The solution can be found in the code folder. To compile a QVM you just need to go into either the game, cgame, q3_ui folders in the code folder and double click either the game.bat, cgame.bat, or q3_ui.bat depending on which you are compiling. You'll have to set up a path in your enviroment variables pointing to the lcc.exe and q3asm.exe in the code\win32\mod-sdk-setup\bin path.

Yay, mod making made easy!!!