It doesn't build here. I don't think you can mix generated headers and PARENTSRC.
So that seems to be specific to in-tree builds (it works fine out-of-tree). We already pass -Idlls/xaudio2_0 -Idlls/xaudio2_7, in that order, but the compiler picks up the 2_7 version anyway, because the directory of the source file takes precedence.
The upshot is that this is fixed by using the angle bracket form of #include for xaudio_classes.h. I've pushed a new version that does that.