I'm an old school mac die hard, so I prefer nano to vi or emacs. So in order to make life easier, lets change our editor to nano. This is normally stored in your shell profile.

Lets edit the .profile file
nano ~/.profile

then add the following line
export SVN_EDITOR=nano

You'll also need to setup a user to own all the subversion repos, and somewhere to store them. Create the user using Netinfo Manager, then jump into the terminal:

sudo su -l svnsrvr
cd /Volumes/WebsiteDrive
mkdir svn

Ok, so now the first real step is to create a repository.

Making a repository
sudo su -l svnsrvr
cd /Volumes/WebSiteDrive/svn/
svnadmin create reponame

Create project and default folder structures (trunk, tags, branches) in the Finder. The general consensus is to use the recommended strucure of:
projname/trunk
projname/tags
projname/branches

Place current project files in projname/trunk/projname_site

cd projname
svn import . svn://server/reponame/projname -m "First Import"

now lets create temp folder to do a test checkout
cd /temp/projname
svn checkout svn://server/reponame/projname .

add in files that will be ignored from now on

svn propedit svn:ignore .

.InterarchyMirrorCacheData
_media
_rss
anything else you want ignored

Then check to see if they are being ignored

svn status

svn commit -m "Ignore files I do not want versioned"

svn update

We should now be ready to do a real checkout to our normal working directory. Once this is done we can throw away the temp/practice checkout directory, and live our lives in coding utopia.