Usually you version control the SQL scripts that modify the database schema, but you do not version control the modification of the values put in the database.
That would be the task of your backup mechanism to be able to extract any value from a previous state of your database, through daily incremental backup or weekly full backup.
The post from Codding Horror mentionned by Yuval F is not a good answer, as it suggests version control could also be used for data as well as schema.
As said in the comments of that post:
As others have pointed out, the analogy of "source control" to databases breaks down in several instances: branches, rollbacks, test cases, patching, and so on.
Code is stateless and data is, well, state; because data is intermingled with schema, you sometimes have to treat the schema as immutable.
That's not to say that effective database versionning isn't a positive goal, but it's a lofty one and it's important not to fool ourselves into believing that we've attained it. What you get with existing tools is a very limited kind of version control: the ability to create a new database from scratch that's compatible with any given version. That's all. It's great if you do a lot of new rollouts, but only marginally useful if you work on a long-term production system.
As long as it's understood that having your database scripts in SCM isn't going to afford the same protections as having your code in there, and that you should still be very conservative with schema changes, I think it's probably a good thing to do if you have more than 3 or 4 developers. If you're a pair or a one-man show, it's probably not worth the effort, because the frequency of changes should be rare.
Since I assist well over 50 projects with a lots of associated database, I can assure you that for large projects, Version Control Tools are simply not made for any kind of versionning of data from the database.
Those kind of data evolve at a very different pace than the rest of your development.
SCM can be suited for storing scripts of upgrades (or even downgrades) of schema.
Data are managed with backups.