I successfully built current git RockBox with gcc-4.7.0, and am running the result on my Sansa Clip+.
It took the usual small patch to gcc, which I posted to the gcc-patches list.
http://gcc.gnu.org/ml/gcc-patches/2012-06/msg00154.htmlTo simplify my life, I ignored the multi-arch configuration possibility, and just set up my toolchain for the arm926ej-s CPU.
A handful of compile-time warnings came out, one in particular (in chopper.c, visible when using -O2) represents a real bug. I'll send a patch to "fix" them all to gerrit.