Managing SharePoint Sites
When you install Visual Studio Team Foundation Server, you can install Windows SharePoint Services 3.0 at the same time, configure Team Foundation Server to use a SharePoint Web application on an existing installation of Windows SharePoint Services 3.0 or Microsoft Office SharePoint Server 2007, or install Team Foundation Server without SharePoint Products. If you installed Windows SharePoint Services 3.0 or specified an existing installation, every time that you create a team project, you will have the option to create a Web site for it on a server that hosts the SharePoint Web application. This type of Web site is called a team project portal, and it provides the team who is working on that project with a single source of data about the status of the project. You can create additional Web sites for use with Team Foundation Server. You can also modify and delete these Web sites for SharePoint Products.
Your version of SharePoint Products might be Windows SharePoint Services 3.0 or Microsoft Office SharePoint Server 2007. Each version requires different steps to configure and manage Web sites. For more information, see this page on the Microsoft Web site: SharePoint Products and Technologies TechCenter.