You must create the repository before you can checkout from it. This is a mdifference to DVCSes. So to create. Usually Plugins are not able to create repositories(as you need local access to server).
If you have TortoiseSVN just browse to the directory where your repository should be, in your case:
d:\subversionrepository\prazact_website
If you use TortoiseSVN:
right click on folder "prazact_website" -> "TortoiseSVN" -> "create Repository here"
If you use Commandline:
svnadmin create d:\subversionrepository\prazact_website
If you created the repository, you can now connect with the above mentioned URL:
file:///d:/subversionrepository/prazact_website