SVN checkout the contents of a folder, not the folder itself

svn co svn://path destination

To specify current directory, use a "." for your destination directory:

svn checkout file:///home/landonwinters/svn/waterproject/trunk .

Just add a . to it:

svn checkout file:///home/landonwinters/svn/waterproject/trunk .

That means: check out to current directory.

Just add the directory on the command line:

svn checkout svn://192.168.1.1/projectname/ target-directory/