Cannot launch self-compiled HL2 Beta binaries

[nephacks]

Hello!
I compiled the source code from archives "hl2_src.rar"
I used VS 6.0 SP5 with Processor Pack to compile.
Now the problem is, when I launch the HL2 executable all it does is show me "Loading..." after a while.
I have copied all of the assets over from anon-hl2. I tried launching with "-dev -console" but no avail. I launched the game with condebug to find out it was autoplaying a demo, I removed the demo file though this did not help. Now what I get is 3 lines in console.log

"Heap:  40.00 Mb
material "debug/debugmrmnormals" not found
Parsed 78 text messages"

Is there something I am missing?