If you end up re-writing it in something else it may not be that bad, since you've already figured out the game mechanics and just need to port it over. It would mainly be busy work, and maybe having to implement some features here and there that only CC has.
Actually re-building from scratch has worked for others in the past, but I guess it's not guaranteed to fix it.
If you want to build CC from the source you'll need:
For the editor:
Visual Studio 2005
DirectX SDK from 2008 (I forget which month, but that's indicated somewhere on the forum)
profuis284.lib (This is the main snag, since this is not free, and even if someone has it they aren't supposed to share it)
For the runtime however, you'll need:
visual studio 2008
DirectX SDK from 2008
So the runtime doesn't use profuis, so I can be built easier.
Plugins are by far the easiest to build. Their requirements are similar to the runtime, but the express versions of Visual Studio can be used, and I've seen 2005, 2008, and 2010 work. I've built the runtime with the express version of VS2008, and posted how on some older topics. There is a problem with that however, with C++ there is a thing called abi, which is the binary interface between compiled programs. The issue is it's different per compiler and can lead to errors sometimes. Also if you change compilers you need to make changes to the code to get it to work.
Apart from actually getting things to compile there's the matter of fixing the bugs. If it crashes in the editor and it can't be solved by fixing plugins then building the editor is required. If it crashes at runtime and the plugins aren't causing it then either the runtime needs to be fixed or the export code from the editor needs to be fixed. Most of the simple typos have been fixed, so all that's left are the more complex bugs, which require rewrites of bigger parts of the code. Those rewrites are the main reason CC is retired. You can find a sticky on this in the CC section of the forum but basically things are at the point where re-writing the whole thing from scratch is easier than fixing it, which is where C2 came in.
Now as far as the history of who has been able to build the runtime and editor, I think the number of people is less than 10. There where the three main devs, then I think pre 2007 there were a few more that where able to build the runtime and make a sdl instead of directx backend. More recently I think I've been the only person who's managed to build the editor, other than some douche on the net who likes to take free software and change it a little and try to take credit for the entire source. The runtime has been built by maybe two other people as I recall, but I don't think they shared any changes. Basically there has been no work on the CC's code since the last release.
The idea of re-writing CC from scatch has appealed to me in the past, but there simply isn't enough time. A more doable idea has been to port a CC project to something else. I made the capreader python library to access everything in a cap file to assist with this. It works but some things like events are stored in a obscure way. Early on in C2's life I had a simple cap to capx converter, but it's currently way out of date and abandoned.
Also it's hardly all down the toilet. You have all the art, level design and logic figured out already. It's just a matter of copying it over to something else. The main time lost is in fine tuning I suppose.