Yes I have done that. I work on one site commited into CVS. However, because more people might work on it in the future I have a centralised database all checked out sites are conneting to. Works fine. However, remember to add your username with the IP to the Mysql user tables (i.e. root connecting from other than localhost need another entry).
Typically change server from localhost to IP. However, I am using the standard port. So you might have to write IP adress:3306
Cheers.
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