It's a server that allows you to talk to other people while playing a game. It's mostly used during multiplayer games to improve cooperation between players (reduces the need for ingame chat).
You have to download the TeamSpeak client before you can use it. After you've installed it, you can create a new server profile, connect to it, and then join a room/channel. You can bind a key for 'push-to-talk', or set up your microphone to a certain treshold for it to start recording. What you say is sent to all members in the room. You can run the TeamSpeak client before starting the game, and then you're all set for good multiplayer fun.
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