You need to install and configure the TS Master Server first as below:
Download and install Teamspeak Server 2.0.23.19 http://teamspeak.com/?page=downloads&archive=1
Download updated binary 2.0.24.1 from the link above and overwrite server_windows.exe in your installation folder.
Run the Teamspeak server. A window with the superadmin password will be shown. Copy it and store it in a safe place.
Log in to your control panel.
Go to System > General Settings > Teamspeak Servers > New.
Select version 2, enter a name, hostname or IP, superadmin login and password.
Select the Service Settings tab.
Check "Run as a TCAdmin service"
Server : Select the server where the Teamspeak server is located.
Teamspeak Executable : Enter the full path to server_windows.exe. For example c:\Program Files\Teamspeak2_RC2\server_windows.exe
Click on Save.
Click on Test Connection to confirm that it works.