svn import railsproject svn://whatever/railsproject/trunk
Then check out to a new location with:
svn co svn://whatever/railsproject/trunk railsproject
Then do all the housekeeping from the railsproject folder:
svn remove log/* svn commit -m "Removed log files" svn propset svn:ignore "*.log" log/ svn update log/ svn commit -m "Ignoring log files" svn move config/database.yml config/database.example svn propset svn:ignore "database.yml" config/ svn update config/ svn commit -m "Moved database file and ignoring future database.yml"
Mostly poached from http://wiki.rubyonrails.com/rails/pages/HowtoUseRailsWithSubversion