Hi Robert
I am not sure what you mean by version the project. A project is nothing but a group of files in a folder. Folders are not versioned by NWDI.
However if you want to release new SP for a project say every three months that can be done by inserting version into the SCA or SDA file. The sda file is generated by the build system CBS and is created for each project. However this is created only during activation or transport.
Regards
Partha