Your repository type needs to be set to one of "SVN", "Git" or "Mercurial". The default is "None" when you create a project. After you change this setting in your project (no it doesn't need to be approved for the repo to be setup), it can take up to half an hour for the new repo to be created on wowace by the repository manager unless its broken.
I think I was able to fix my issue, but it still might be something that somebody wants to look into.
Yesterday when I was having problems I tried changing my repo authorization password and used the same password that it should have already been (ie, no actual change). I was hoping this would push the password to the new repo and get things moving.
What I had to do to make it work was go in and actually change my repo password and then change it back again. Now I can commit.