I can't seem to get slime (2011-11-15) to work with clisp (2.49) on windows 7, using emacs 23.3. I followed the instructions in the manual and added the following to my (otherwise empty) .emacs file:
(setq inferior-lisp-program "clisp")
(add-to-list 'load-path "C:\\Program Files\\emacs-23.3\\site-lisp\\slime-2011-11-15")
(require 'slime)
(slime-setup)
I then run slime with M-x slime, which starts compiling in the inferior lisp buffer. Here I get a warning that some swank interfaces are unimplemented.

Then a new buffer opens continually spitting out error messages, the buffer is called *sldb nil/0* and its output is shown below.

*sldb/nil/0*:
        SWANK-BACKEND:WAIT-FOR-INPUT not implemented
   
[Condition of type SIMPLE-ERROR]

Restarts
:
 
0: [ABORT] Return to sldb level 83.
 
1: [ABORT] Return to sldb level 82.
 
2: [ABORT] Return to sldb level 81.
 
3: [ABORT] Return to sldb level 80.
 
4: [ABORT] Return to sldb level 79.
 
5: [ABORT] Return to sldb level 78.
 --more--

Backtrace
:
 
0: [10837] frame binding variables (~ = dynamically):
       
| ~ SWANK::*SLDB-STEPPING-P* <--> NIL
 
1: [10834] frame binding variables (~ = dynamically):
       
| ~ SWANK::*SLDB-LEVEL* <--> 83
 
2: [10831] frame binding variables (~ = dynamically):
       
| ~ *PACKAGE* <--> #<PACKAGE COMMON-LISP-USER>
 
3: <1/10824> #<COMPILED-FUNCTION SWANK::DEBUG-IN-EMACS>
     
[10823] frame binding variables (~ = dynamically):
       
| ~ SWANK::*SLIME-INTERRUPTS-ENABLED* <--> NIL


*inferior-lisp*:
(progn (load "c:\\Program Files\\emacs-23.3\\site-lisp\\slime-2011-11-15\\swank-loader.lisp" :verbose t)
 (funcall (read-from-string "swank-loader:init")) (funcall (read-from-string "swank:start-server") "c:\\Users\\User1\\AppData\\Local\\Temp\\slime.10968" :coding-system "iso-latin-1-unix"))

  i i i i i i i       ooooo    o        ooooooo   ooooo   ooooo
  I I I I I I I      
8     8   8           8     8     o  8    8
  I  \
`+' /  I      8         8           8     8        8    8
   \  
`-+-'  /       8         8           8      ooooo   8oooo
   
`-__|__-'        8         8           8           8  8
       
|            8     o   8           8     o     8  8
 
------+------       ooooo    8oooooo  ooo8ooo   ooooo   8

Welcome to GNU CLISP
2.49 (2010-07-07) <http://clisp.cons.org/>

Copyright
(c) Bruno Haible, Michael Stoll 1992, 1993
Copyright
(c) Bruno Haible, Marcus Daniels 1994-1997
Copyright
(c) Bruno Haible, Pierpaolo Bernardi, Sam Steingold 1998
Copyright
(c) Bruno Haible, Sam Steingold 1999-2000
Copyright
(c) Sam Steingold, Bruno Haible 2001-2010

Type
:h and hit Enter for context help.

[1]>
;; Loading file C:\Program Files\emacs-23.3\site-lisp\slime-2011-11-15\swank-loader.lisp ...
;; Loaded file C:\Program Files\emacs-23.3\site-lisp\slime-2011-11-15\swank-loader.lisp
;; Compiling file C:\Program Files\emacs-23.3\site-lisp\slime-2011-11-15\swank-backend.lisp ...
;; Wrote file C:\Users\User1\AppData\Roaming\.slime\fasl\2011-11-11\clisp-2.49-win32-pc386\swank-backend.fas
The following functions were used but are deprecated
:

 SET
- This function name is anachronistic. Use SETF SYMBOL-VALUE instead.
0 errors, 0 warnings
;; Loading file C:\Users\User1\AppData\Roaming\.slime\fasl\2011-11-11\clisp-2.49-win32-pc386\swank-backend.fas ...
;; Loaded file C:\Users\User1\AppData\Roaming\.slime\fasl\2011-11-11\clisp-2.49-win32-pc386\swank-backend.fas
;; Compiling file C:\Program Files\emacs-23.3\site-lisp\slime-2011-11-15\xref.lisp ...
;; Wrote file C:\Users\User1\AppData\Roaming\.slime\fasl\2011-11-11\clisp-2.49-win32-pc386\xref.fas
0 errors, 0 warnings
;; Loading file C:\Users\User1\AppData\Roaming\.slime\fasl\2011-11-11\clisp-2.49-win32-pc386\xref.fas ...
;; Loaded file C:\Users\User1\AppData\Roaming\.slime\fasl\2011-11-11\clisp-2.49-win32-pc386\xref.fas
;; Compiling file C:\Program Files\emacs-23.3\site-lisp\slime-2011-11-15\metering.lisp ...
WARNING
: in lines 439..533 : function DELTA4-TIME is not used.
         Misspelled or missing IGNORE declaration?
;; Wrote file C:\Users\User1\AppData\Roaming\.slime\fasl\2011-11-11\clisp-2.49-win32-pc386\metering.fas
0 errors, 1 warning
;; Loading file C:\Users\User1\AppData\Roaming\.slime\fasl\2011-11-11\clisp-2.49-win32-pc386\metering.fas ...
;; Loaded file C:\Users\User1\AppData\Roaming\.slime\fasl\2011-11-11\clisp-2.49-win32-pc386\metering.fas
;; Compiling file C:\Program Files\emacs-23.3\site-lisp\slime-2011-11-15\swank-clisp.lisp ...
WARNING
: in ACCEPT-CONNECTION in lines 164..172 : variable BUFFERING is used despite IGNORE declaration.
;; Wrote file C:\Users\User1\AppData\Roaming\.slime\fasl\2011-11-11\clisp-2.49-win32-pc386\swank-clisp.fas
0 errors, 1 warning
;; Loading file C:\Users\User1\AppData\Roaming\.slime\fasl\2011-11-11\clisp-2.49-win32-pc386\swank-clisp.fas ...
WARNING
: DEFUN/DEFMACRO: redefining function BREAK in
         C
:\Users\User1\AppData\Roaming\.slime\fasl\2011-11-11\clisp-2.49-win32-pc386\swank-clisp.fas, was defined in
         G
:\gnu\home\src\clisp\clisp-2.49\build-full\condition.fas
WARNING
: Replacing method #<STANDARD-METHOD (#<BUILT-IN-CLASS T>)> in #<STANDARD-GENERIC-FUNCTION EMACS-INSPECT>
;; Loaded file C:\Users\User1\AppData\Roaming\.slime\fasl\2011-11-11\clisp-2.49-win32-pc386\swank-clisp.fas
;; Compiling file C:\Program Files\emacs-23.3\site-lisp\slime-2011-11-15\swank-gray.lisp ...
;; Wrote file C:\Users\User1\AppData\Roaming\.slime\fasl\2011-11-11\clisp-2.49-win32-pc386\swank-gray.fas
0 errors, 0 warnings
;; Loading file C:\Users\User1\AppData\Roaming\.slime\fasl\2011-11-11\clisp-2.49-win32-pc386\swank-gray.fas ...
WARNING
: The generic function #<STANDARD-GENERIC-FUNCTION STREAM-WRITE-CHAR> is being modified, but has already been called.
WARNING
: The generic function #<STANDARD-GENERIC-FUNCTION STREAM-LINE-COLUMN> is being modified, but has already been
         called
.
WARNING
: The generic function #<STANDARD-GENERIC-FUNCTION STREAM-FORCE-OUTPUT> is being modified, but has already been
         called
.
WARNING
: The generic function #<STANDARD-GENERIC-FUNCTION STREAM-LINE-COLUMN> is being modified, but has already been
         called
.
;; Loaded file C:\Users\User1\AppData\Roaming\.slime\fasl\2011-11-11\clisp-2.49-win32-pc386\swank-gray.fas
;; Compiling file C:\Program Files\emacs-23.3\site-lisp\slime-2011-11-15\swank-match.lisp ...
;; Wrote file C:\Users\User1\AppData\Roaming\.slime\fasl\2011-11-11\clisp-2.49-win32-pc386\swank-match.fas
0 errors, 0 warnings
;; Loading file C:\Users\User1\AppData\Roaming\.slime\fasl\2011-11-11\clisp-2.49-win32-pc386\swank-match.fas ...
;; Loaded file C:\Users\User1\AppData\Roaming\.slime\fasl\2011-11-11\clisp-2.49-win32-pc386\swank-match.fas
;; Compiling file C:\Program Files\emacs-23.3\site-lisp\slime-2011-11-15\swank-rpc.lisp ...
;; Wrote file C:\Users\User1\AppData\Roaming\.slime\fasl\2011-11-11\clisp-2.49-win32-pc386\swank-rpc.fas
0 errors, 0 warnings
;; Loading file C:\Users\User1\AppData\Roaming\.slime\fasl\2011-11-11\clisp-2.49-win32-pc386\swank-rpc.fas ...
;; Loaded file C:\Users\User1\AppData\Roaming\.slime\fasl\2011-11-11\clisp-2.49-win32-pc386\swank-rpc.fas
;; Compiling file C:\Program Files\emacs-23.3\site-lisp\slime-2011-11-15\swank.lisp ...
WARNING
: in ACCEPT-CONNECTIONS in lines 879..888 : variable EF is not used.
         Misspelled or missing IGNORE declaration?
;; Wrote file C:\Users\User1\AppData\Roaming\.slime\fasl\2011-11-11\clisp-2.49-win32-pc386\swank.fas
The following functions were used but are deprecated
:

 SET
- This function name is anachronistic. Use SETF SYMBOL-VALUE instead.
0 errors, 1 warning
;; Loading file C:\Users\User1\AppData\Roaming\.slime\fasl\2011-11-11\clisp-2.49-win32-pc386\swank.fas ...
;; Loaded file C:\Users\User1\AppData\Roaming\.slime\fasl\2011-11-11\clisp-2.49-win32-pc386\swank.fas
WARNING
: These Swank interfaces are unimplemented:
         
(ACTIVATE-STEPPING ADD-FD-HANDLER ADD-SIGIO-HANDLER BACKGROUND-SAVE-IMAGE DISASSEMBLE-FRAME DUP EXEC-IMAGE
         FRAME-CALL
         INTERRUPT-THREAD MAKE-FD-STREAM RECEIVE-IF REMOVE-FD-HANDLERS REMOVE-SIGIO-HANDLERS SEND SLDB-BREAK-AT-START
         SLDB-BREAK-ON-RETURN SLDB-STEP-INTO SLDB-STEP-NEXT SLDB-STEP-OUT SOCKET-FD SPAWN TOGGLE-TRACE WAIT-FOR-INPUT
)
;; Compiling file C:\Program Files\emacs-23.3\site-lisp\slime-2011-11-15\contrib\swank-c-p-c.lisp ...
;; Wrote file C:\Users\User1\AppData\Roaming\.slime\fasl\2011-11-11\clisp-2.49-win32-pc386\contrib\swank-c-p-c.fas
0 errors, 0 warnings
;; Compiling file C:\Program Files\emacs-23.3\site-lisp\slime-2011-11-15\contrib\swank-arglists.lisp ...
;; Loading file C:\Users\User1\AppData\Roaming\.slime\fasl\2011-11-11\clisp-2.49-win32-pc386\contrib\swank-c-p-c.fas ...
;; Loaded file C:\Users\User1\AppData\Roaming\.slime\fasl\2011-11-11\clisp-2.49-win32-pc386\contrib\swank-c-p-c.fas
;; Wrote file C:\Users\User1\AppData\Roaming\.slime\fasl\2011-11-11\clisp-2.49-win32-pc386\contrib\swank-arglists.fas
0 errors, 0 warnings
;; Compiling file C:\Program Files\emacs-23.3\site-lisp\slime-2011-11-15\contrib\swank-fuzzy.lisp ...
;; Wrote file C:\Users\User1\AppData\Roaming\.slime\fasl\2011-11-11\clisp-2.49-win32-pc386\contrib\swank-fuzzy.fas
0 errors, 0 warnings
;; Compiling file C:\Program Files\emacs-23.3\site-lisp\slime-2011-11-15\contrib\swank-fancy-inspector.lisp ...
;; Wrote file C:\Users\User1\AppData\Roaming\.slime\fasl\2011-11-11\clisp-2.49-win32-pc386\contrib\swank-fancy-inspector.fas
0 errors, 0 warnings
;; Compiling file C:\Program Files\emacs-23.3\site-lisp\slime-2011-11-15\contrib\swank-presentations.lisp ...
;; Wrote file C:\Users\User1\AppData\Roaming\.slime\fasl\2011-11-11\clisp-2.49-win32-pc386\contrib\swank-presentations.fas
0 errors, 0 warnings
;; Compiling file C:\Program Files\emacs-23.3\site-lisp\slime-2011-11-15\contrib\swank-presentation-streams.lisp ...
;; Wrote file C:\Users\User1\AppData\Roaming\.slime\fasl\2011-11-11\clisp-2.49-win32-pc386\contrib\swank-presentation-streams.fas
The following functions were used but not defined
:
 SWANK
::SAVE-PRESENTED-OBJECT
0 errors, 0 warnings
;; Compiling file C:\Program Files\emacs-23.3\site-lisp\slime-2011-11-15\contrib\swank-package-fu.lisp ...
;; Wrote file C:\Users\User1\AppData\Roaming\.slime\fasl\2011-11-11\clisp-2.49-win32-pc386\contrib\swank-package-fu.fas
The following functions were used but not defined
:
 SWANK
::LIST-STRUCTURE-SYMBOLS
0 errors, 0 warnings
;; Compiling file C:\Program Files\emacs-23.3\site-lisp\slime-2011-11-15\contrib\swank-hyperdoc.lisp ...
;; Wrote file C:\Users\User1\AppData\Roaming\.slime\fasl\2011-11-11\clisp-2.49-win32-pc386\contrib\swank-hyperdoc.fas
0 errors, 0 warnings
;; Swank started at port: 5379.
CL-USER
>