I'm working on installing Visual Studio 2005 Beta 1 refresh which includes Visual Studio Team System - the server piece. Mostly it's just a case of following the instructions in the docs directory. There's a doc for the database tier and a doc for the application tier.
I'm building a 3 Virtual PC image system similar to Michael Lehman. The whole domain controller thing had me asking questions around the office. I thought I could just run dcpromo and accept all the defaults.
Nearly finished installing the client machine now and then I can play with it.