With visual studio online everybody has access to team foundation service without installing. It is software as a service. But there are some limitations. One is no integration with sharepoint for your team project portal. You can use some other website for it.
Microsoft describes the process in the MSDN article configure or add a project portal. After linking to a website (could be sharepoint) you can access the portal from visual studio Team menu.
The one feature you’ll miss is the documents integration in Team Explorer. Vote for sharepoint integration on uservoice.