Just to add that i can't get this to work on Win2K either.
I have tried php_crypt.dll in winnt, winnt/system32, c:\php, and c:\php\extensions.
I have tried libmcrypt.dll in winnt, winnt/system32, and c:\php\extensions.
I have tried extension_dir=./ and extension_dir="c:\php\extensions"
It quite clearly says: "PHP Warning: Unable to load dynamic library 'c:/php/extensions/php_mcrypt.dll' yet that file certainly does exist.
If I check the dependencies of php_mcrypt.dll, they're all satisfied except for php4ts.dll, which I assume PHP loads up itself manually.
I see other people have posted with this sort of problem and not really received any help.