To connect Visual Studio to a Team Foundation Server machine, go to the Tools menu to access the option to "Connect to Team Foundation Server." Then specify your server name and port name. Check "Creating a Team Project" section under http://msdn.microsoft.com/msdnmag/issues/06/00/TeamSystem/ for detailed instructions.
Ravi Terala
Posted: Team Foundation Server - General, how to use TFS (beginner)