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Much better to use a tool which is made for the job.
We have just switched from SubversionSVN to MercurialHG to manage our source. Moving from a centralized version control system to a distributed one was a massive improvement. Merging branches is bullet proof in comparison.
You can even get a free hosted solution for small teams of 5 with unlimited repositories -https://bitbucket.org
I would not recomend for one minute to use Windchill for source control, when there are free tools which do a considerably better job. Software version control operates on a completely diffrent principal to Windchill.
Depends if it is Windchill source code, or some other application source code.
As Darren states, we use 3rd party for our Windchill source code, but if you are deveopling apps and want to store the source, then you could use Integroty from PTC which is the module of Windchill for software PLM. If you do nto already have this though, then using 3rd party software, much of which is open source and free, may be your best bet.
Cloud based storage of course does rely on your oranisation allowing your code to be stored 'off-site'.
Simon Lucas