Did you read
this? (if your running win)
You should read over the part about port forwarding, and opening ports. If you read all that and have it running correctly, make sure you also have "+set dedicated 2" to your command line that starts your server. This will force your server to send a heart beat to the master tremulous server list, which makes it show up on your friends computer.
If you did all that and it still doesn't work. Have your friend try to connect to your server by entering your ip and port in as a favorite.
Best Regards,
Kiwi