I apologize for the delay responding back to you. Yes this most certainly is possible! First you must install our Run-Time edition on your build server. if you do not (yet) have a license for this (since we do not offer a trial version of our Run-Time edition), you can alternatively install full Test Studio on your build server and run it in trial mode. It will behave exactly like our Run-Time edition for you in that environment. Then later when you do obtain the necessary license you simply uninstall full Test Studio and install the Tin-Time edition (after downloading the installer file of course).
This documentation walks you through all the steps necessary for getting Test Studio tests to automatically run as part of your MSBuild on TFS. It was written specifically for Silverlight tests, but the latter half of the document, start with "The last project level setting we need to change..." applies equally well to HTML application based testing.
Let us know if you have any further questions on this.
All the best,
the Telerik team