You shouldn't use Subversion directly to checkout the code. Use Bazaar to do it. For example
bzr svn-import http://feedparser.googlecode.com/svn/ feedparser
cd feedparser
bzr branch trunk mybranch
cd mybranch
bzr checkout
# hack...
Check the documentation, the Subversion Migration page on the bzr wiki, and bzr help svn-import
for more details.
To address your second question
does svn support local repositories
like bzr
Subversion is based off of a server-client model, whereas in distributed VCSes like git, bzr, and Mercurial, it's all sort of rolled into one. You can have a Subversion server running locally, however, an SVN repository should be served by one, and only one SVN server. With a distributed VCS, you clone an entire repository (or at least a branch, in bzr's case), meaning that you have all the data and metadata necessary for you to serve up your clone and have other people clone from you. Unlike distributed VCSes, you do not create an entire copy of the repository locally when you do svn checkout
; you only create local working copies of the repository, which is the files under revision control and some (but not all) of the metadata. A working local copy of a SVN repository is insufficient to act as a repository itself; you can not put that working copy on a server and let other people do checkouts from it.