Yeah somebody actually followed on what I did.
I made a tutorial a while back on how to setup Teamspeak and setup codec.
Since you posted the on how to setup and get going on teamspeak I will post how to setup codec and using sound.
Well for the people who first get Teamspeak, they know nothing about how to set up the sound, reason I am doing this because some people echo while you talk because they do not set there sound Codec correctly.
Binding Push To Talk & Setting CodecFirst go up to Setting --> Sound Input/Output Settings.
Example In Image Below:

Check push to talk, and then go over to set and click it.
Example In Image Below:

Now after you click SET, then you need to click a key you want to bind so you can talk.
Example In Image Below:

Voice Activation SetupNow if you don't want to bind and just want voice to talk, copy my setup.

I hope this tutorial on how to set your codec and bind your sound helps you because Teamspeak is really needed for hard core gamers.