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Download

http://www.teamspeak.com/?page=downloads

Choose Client 32-bit or Client 64-bit depending on your operating system, to find out which one you need check here:
http://support.microsoft.com/kb/827218

Install the application like you would any other.

First Time Setup

When you start it up for the first time it will prompt you with the Setup Wizard. (If you accidentally closed it you can access it again by going to Settings -> Setup Wizard)
-Nickname: *Set this to your in-game name*
Click Next
-Choose Push-To-Talk(PTT) and click the button to the right of it (Then press the key you want to be your push to talk)
Click Next
-Click the Test Voice button, Then press your PTT Key (This is just to make sure your mic is working!)
Click Next
-You can set up a hotkey to mute your Speaker, this isn't necessary and can be set up later if you wish
Click Next
-Click Finish

Subscribing To Channels

In order to be able to see people outside the channel you are in you must be subscribed to it, if you wish to see everyone on the server do this:
- Settings -> Options -> Applications
- Make sure the "Subscribe to all channels" bubble is clicked
- Click the "OK" button

Text-To-Speech Voice

This feature will announce with a text-to-speech voice the name of the person who enters the channel, similar to how Ventrillo does it.
Clean sound pack & Short TTS
http://forum.teamspeak.com/showthread.php?s=1f2519e2d4d8c2222644e31fb29c16b9&t=55574

After installing it to the correct location you can customize it further by going to Settings -> Options -> Notifications
Some options you may want to uncheck
> Under Client
>> Switched
>>> To Different Channel (Uncheck all 3)
>> Moved
>>> To Different Channel (Uncheck all 3)

Disabling The Chat Ping

If the "Message Received" aka ping sound when someone talks in chat is bothering you just go to Settings -> Options -> Playback
-Adjust the "Sound Pack volume" slider until it is at a comfortable level