Alright, as promised, it's 2:30am and I stayed up to get it done... SO HERE YA GO:
http://www.mediafire.com/?9msbddmzp1y
I have noticed a few bugs in the compiled version.. sometimes something doesn't die when it runs out of life, etc.... But it's definitely very playable. If anything crazy happens, be sure to take a screenshot... Other then that, the controls are pretty easy to get used to, and keep in mind that when you are firing (holding down the button) your shooting direction won't change as you move around... I expect feedback on this, and look forward to converting it (some aspects of it at least) to a GP2X version in the future.
CONTROLS:
ARROW KEYS FOR MOVEMENT:
Z - shoot
X - Jump
SPACE - spawn
P - pause
ESC - exit