Hi Edi,
(start-lisp-and-wait "c:/PROGRA~1/acl80/alisp.exe +B +cm -L ~/.slime.lisp&"))
You neglected to mention the contents of the .slime.lisp file. It should contain at least the following 2 lines:
(load "/path/to/slime/swank-loader.lisp") (swank::create-swank-server 4005)
Cheers, Bill