Hi there,
I have looked around how to fix this problem...

I got 3 different types of error.

~# emerge -a "<sys-devel/gcc-3.4.2-r2"

These are the packages that I would merge, in order:

Calculating dependencies ...done!
[ebuild N ] sys-devel/binutils-2.15.92.0.2-r1
[ebuild UD] sys-devel/gcc-3.4.1-r3 [3.4.2-r2]
.
.
.
checking for gcc... gcc
checking whether the C compiler (gcc -O2 -march=pentium4 -fprefetch-loop-arrays -pipe ) works... no
configure: error: installation or configuration problem: C compiler cannot create executables.

!!! ERROR: sys-devel/binutils-2.15.92.0.2-r1 failed.
!!! Function src_compile, Line 78, Exitcode 1
!!! (no error message)


* Another ERROR

~# emerge -a "<sys-devel/gcc-config-1.3.7"
>>> emerge (1 of 1) sys-devel/gcc-config-1.3.6-r3 to /
.
.
.
>>> Install gcc-config-1.3.6-r3 into /var/tmp/portage/gcc-config-1.3.6-r3/image/ category sys-devel
* Compiling wrapper...
gcc: installation problem, cannot exec `as': No such file or directory



* another ERROR

~# emerge gcc

>>> emerge (1 of 3) sys-devel/binutils-2.15.92.0.2-r1 to /
>>> md5 src_uri ;-) binutils-2.15.92.0.2.tar.bz2
>>> md5 src_uri ;-) binutils-2.15.92.0.2-patches-1.1.tar.bz2
>>> Unpacking source...
>>> Unpacking binutils-2.15.92.0.2.tar.bz2 to /var/tmp/portage/binutils-2.15.92.0.2-r1/work

creating cache ./config.cache
checking host system type... i686-pc-linux-gnu
checking target system type... i686-pc-linux-gnu
checking build system type... i686-pc-linux-gnu
checking for a BSD compatible install... /bin/install -c
checking whether ln works... yes
checking whether ln -s works... yes
checking for gcc... gcc
checking whether the C compiler (gcc -O2 -march=pentium4 -fprefetch-loop-arrays -pipe ) works... no
configure: error: installation or configuration problem: C compiler cannot create executables.

thank you.
[]'s