With Copy WC-URL you can copy the local selected file/directory to the repository. This is the foundation for creating tags, although SmartSVN provides more convenient functions for this task (see Tags).
The local file/directory Copy Local will be copied to the repository specified by To Repository. The target directory is Into Directory. With Name will be the actual name (last component of the path). Because the copy is directly performed in the repository, you also have to specify a Commit Message.