Checking out report version - the proper procedure

Hi, wondering what would be the proper way to check out object Eg Report version ..

Normally in fat client, we can use OMW to add project for checking out the report version...the project status will be 21 normally...then do i need to check in back ?  Or can i just remove it by "erase checkout" after the report run perfectly by erase checkout? For closing the project, how should i go about this ?

Wonder after checking out the object,, would the object still in deployment server?

Besides that, we may also straight way check out the report version from row exit menu\advance...is this correct way ? I noticed by using this way it also would put the object into default project..is that right ?