While possible, it's potentially very risky - if you attempt to commit changes to the repository from 2 different locations simultaneously, you'll get a giant mess due to the file conflicts. Get a free private SVN host somewhere, or set up a repository on a server you have access to.
Edit based on a recent experience: If you have files open that are managed by Dropbox and your computer crashes, your files may be truncated to 0 bytes. If this happens to the files which manage your repository, your repository will be corrupted. If you discover this soon enough, you can use Dropbox's "recover old version" feature but you're still taking a risk.