When you check out a project, writable copies of the latest revision of files in the project are placed in the work file location and assigned the next revision number.
To check out a project:
Right-click the project and select Team | Checkout.
The Check Out dialog box appears with a list of selected files.
Modify the panels as necessary.
Click Finish. A check mark () appears next to each file icon to indicate that the files are checked out.