If you want to check out an existing module for the first time. You have to know what the name of that module is.
Tip: I found that by using ./ as name for the module it checked out all existing modules on the server. You don't want to do that is you on the other end of a plain phone-line and the repository on the server is huge, but it is a fast way of getting the complete contents.
We're only going to retrieve the files for the module named Version_4:
Startup WinCVS
Select Create > Checkout Module
As modulename enter Version_4
When WinCVS is finished, you should have a copy of all the files of Version_4 in you cvsroot directory.
The files with revision number 1.1.1 are new files, meaning they only got checking in once, and haven't been changed/checked in after that. The readme.txt file has been changed and checked a couple of times since its revision number is 1.3