The man page for checkout: http://git-scm.com/docs/git-checkout
The man page for clone: http://git-scm.com/docs/git-clone
To sum it up, clone is for fetching repositories you don't have, checkout is for switching between branches in a repository you already have.
Note: for those who have a SVN/CVS background and new to Git, the equivalent of git clone
in SVN/CVS is checkout
. The same wording of different terms is often confusing.