After a few time of testings, I manage to get C::B compiled and run, however, to let the C::B run properly , a trick need to be done. 
Platform : Windows 2000 Pro
Wx version : 2.4.2
CodeBlocks version : 1.0 Final
In fact ,  I have tested in company's PC and Laptop. At company , I use the option 1 , and at home I use options 2 (set the path), here I only mention the options since both need a tweak after compile
1. To make sure no object files that left by the previous compilation  , I uninstall MingGW and wxwidgets-2.4.2 , and delete both folder after uninstallation. I deleted all the files that downloaded from CVS, redownload again. 
2. I install MingW rc3.2 from 
www.mingw.org3. I install wxwidgets-2.4.2
4. I compile wxwidgets under MSYS(which I have installed previously)
5. After this , I compile stc followed by xrc.
6. I run CB final-1.0 , and open the project file CodeBlocks.cbp in CVS under codeblocks/src .
7. I add the following information (Menu "Project" > Build Option)
    <WXWIN> is your wxwidgets folder
     Directory >Compiler 
     ==============
     <WXWIN>\lib\mswdll
     <WXWIN>\include
     <WXWIN>\contrib\include
     Directory > Linker
     ==============
     sdk\tinyxml <----- default
     <WXWIN>\lib
     <WXWIN>\contrib\lib
     Directory > Resources Compiler 
     ==============
     <WXWIN>\include    
     Custom Variable
     ==============
     WX_VER=242
8. Click the compile icon 
9. Compilation success . 
10 . Download zip.exe (used by update.bat) from 
www.info-zip.org ,  and extract to C:\MSYS\1.0\bin (any folder that in the path will do)
11. run update.bat in CVS - under codeblocks/src 
Here is the strange thing .. 
I run codeblocks.exe from CVS 's output  folder , message show "wxmswdll is not is <%Path%> etc...", I copy wxmswdll to <WINNT>\system
I run codeblocks.exe from CVS 's output  folder again , after the splash screen , prompt the memory error problem. 
I run the project from the C::B , also the memory error problem. 
I debug CB project in CB , by click the menu "Debug " > Debug , it start the CB properly.
I close the CB that run in debug mode. I run again the CB in output folder , the memory problem disappear! 
I run the project in CB again , NO memory error ! 
Above are the steps that I conclude after 7-8 times of recompilation of wxwidgets and CB in 1 PC & 1 Laptop.