If the MinGW linker says -lglut32.lib, it looks for a file called libglut32.lib.a.
You can try to rename your glut32.lib to libglut32.lib.a, or specify a path in the libraries list, but I don't know, if linking with .lib files will work. MinGW supports linking directly to a dll, but for this case you also have to specify a path in the libraries list. It can be a relative path, but if the library is in the same directory you have to explicitely write .\mylib.dll with the preceding .\ (choosing it with the Code::Blocks file browser omits the necessary .\ and makes the linker think, you want to link libmylib.dll.a instead of mylib.dll)