Yes. Team Foundation Server has an API and a service oriented architecture so integration would be possible.
I saw your status update asking Jive for Microsoft if there is an existing integration sold as a product. That is not the case.
I know that integration with Jira has been done and that Jira also has bug tracking, so that might be an example to follow if you implemented a similar integration for TFS.
An add-on for TFS similar to the Jira plugin would be a great value-add.
Especially bringing TFS dashboards into Jive and creating work items from Ideas.
Has anyone tried using the HTML Control to bring TFS content into a group?