Best advice I can give is don't do that. Dropbox is not a good version control system. You'll get burned at some point.
Use git with one of the free providers like github or bitbucket. You will find it so much easier.
Use git with one of the free providers like github or bitbucket. You will find it so much easier.
This complicates the state of a development folder. If Dropbox went down mid upload or you hibernated your computer before it had completely uploaded (it happens), you then work on another computer and that uploads some files, suddenly you are going to get a merge conflict which Dropbox cannot easily help you with.
Software development is not one file being edited, its a collection of files in a particular state that give it meaning. Dropbox is good, its gotten better but its still not the right tool for the job.
Git (or any DVCS) is good enough that you can commit and push every 5mins if you wanted. The point is that the state a a whole makes sense.
Plus what about when you start working with other developers, you cannot all work in Dropbox, you'll get merge conflicts every day. What about bug finding features like bisect? Or just having a log of when thing happened?
Sounds like the only way to do it right now is via the Seadrive client proposed below - will definitely move to the first major provider that offers this service.