Are you compiling on a 64-bit OS? Try:
sudo apt-get install ia32-libs
I had the same problem when trying to compile the Raspberry Pi kernel. I was cross-compiling on Ubuntu 12.04 64-bit and the toolchain requires ia32-libs to work on on a 64-bit system.
See http://hertaville.com/2012/09/28/development-environment-raspberry-pi-cross-compiler/