I am new to Sharepoint and wondering if it is used for version control, like Subversion and the likes. I just got me a hosting account and trying to figure out how to connect my VS 2008 directly to it, to access and edit and update files and media. Is this possible? If yes, how?? Thanks in Advance

Since you're not providing Sharepoint hosting (the topic of this forum) you will have a better chance of getting your answers through other resources.  FWIW, Sharepoint is not for source control, though document version control is a function.  Find more resources and answers at:

http://forums.microsoft.com/TechNet/default.aspx?ForumGroupID=330&SiteID=17
http://blogs.msdn.com/sharepoint/
http://www.microsoft.com/sharepoint/default.mspx

Jeff