Absolutely the best you can do is check it out. Open a new Eclipse workspace and import the project as if you were receiving it from a student.
Also make sure that you do not configure your project to use any truly external libraries that are outside the project folder, otherwise, if you are still on the same computer, you may not notice that there is a problem. Store them in the "lib" folder under the project. (Do this from the beginning, instead of worrying about copying them later. Do you need to use external libraries in the first place?)
Alternatively, if your instructor is open to him, see if you can use a dependency management mechanism like Apache Maven.
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