I saw a few others say that this worked around the problem, so I rebooted and added noexec=off ... I still get the segfault running wine from make.
Unfortunatelly I cannot reproduce your problem. Under 2.6.18.1 with noexec=off simple Makefile posted by Jimmy W works fine for me. So in order to debug problem you may try the following: strace make - it may show some useful info about segfault but of course to find exactly why and where segfault happens you must attach to Wine process with your debugger.