See this blog entry for details:
http://blog.mafr.de/2008/05/13/revert-a-commit-in-svn/
with some good background explanation:
To understand what’s happening here requires some background on what
the merge command does conceptually: It records which changes have to
be made to revision N to turn it into revision N+1 (called a delta)
and applies it to the working copy. That’s not what we want in our
scenario, so we reverse the usual order of revisions on the command
line. Effectively, we tell the merge command to create a delta the
other way round. The result is a "rewinding" of the code base.
And also, in the comments, how to do this in TortoiseSVN:
To do this with TortoiseSVN, you right-click the directory or file
you’d like to revert and use “Merge” from the TortoiseSVN menu. Select
the option “Merge two different trees”. Under “From” select the Head
revision. Under “To” select the old revision + 1 (i.e. if you’d like
to revert to revision 169, type revision 170 into the box).