I am working on a project that has grown to a decent size, and I am the only developer. We currently don\'t use any version control, but I definitely need to start.
in addition to all the other comments about the practicalities of getting the project under source control I'd encourage you to take a look at Streamed Lines: Branching Patterns for Parallel Software Development as guide to code line and branching policies - might save you some re-work later.
Also Eric Sink had a great collection of posts introdcing the various source code control concepts - Source Control HOWTO