When developing an application with lots of stored procedures, should you store them in some sort of source versioning system (such as source-safe, TFS, SVN)? If so, why? And is
SPs and table schemas for that matter are all assets that should be under version control. In a perfect world the DB would be built from scripts, including the test data, as part of your CI process. Even if that's not the case, having a DB/developer is a good model to follow. In that way new ideas can be tried out in a local sandbox without impacting everyone, once the change is tested it can be checked in.
Management Studio can be linked to source control, although I don't have experience of doing this. We've always tracked our SP/schema as files. Management studio can automatically generate change scripts, which are very useful, as table drop/recreate can be too heavy handed for any table that has data.