Disclaimer: I am the CTO at Assembla
You should definitely use a VCS, your life and code will be that much better and easier to work in. That being said, Assembla is a hosted VCS system for Project Management.
Assembla offers a free offering for small groups, however if this is a Student project, we are open to offering a very large offering for free to students for private or public use. Just contact me and I will set you up (goes for anyone with a .edu email address, later this process will be formalized and available on the site)
Assembla has lots to offer for project management and repositories, as well, it is fast to start and get using. We offer subversion, git, perforce, and hg repositories integrated with various tools including a ticketing and issue tracking tool.
Take a look at our blog, specifically these posts: