The following command line created a useful SVN server:

sc create svnserve binpath= "\"E:\Program Files\Subversion\bin\svnserve.exe\" --service --root F:\SVN\Repository" start= auto depend= Tcpip type= own type= interact displayname= "Subversion Repository"

It can be accessed with:

svn://localhost/

The reason for setting this up was the very poor response time of using a network share over Microsoft Loopback Adapter in a Virtual PC desktop environment [mentioned here].