Yes! It is possible, let me show you how:

1. Download Team Foundation Server 2013 Update 3, you can do it from your MSDN Subscription, from the Microsoft Downloads site or even you can download the Express 2013 version here.
2. Once you have it with you, just start the installation as usual and unless you have an error about your computer not following the minimum requirements, everything will be done in few minutes and 1 restart.
3. Once the installation is done, it’s time to configure the server. Just a quick reminder, when you install TFS 2013 on a client machine, is only intended for a few concurrent users, you will use SQL Server Express and we are trying the have the most compact TFS installation possible. The main purpose of installing it in our Windows 8.1 is to have Source Control, Work Item tracking and Build Services, but you will see that you can do much more. So let’s select the Basic configuration

   

4. So, welcome to the Basic Configuration Wizard! Let’s begin with the Installation of SQL Server Express:
   
5. The information to review is giving us some hints about what’s going to happen after the configuration:

    Note: IIS should be installed previously enabling also compatibility with IIS 6 and URL forwarding.

1. Click on VERIFY before continue and if you have the 4 green checks, you can go for the next step.
2. And the configuration it’s starting!
   

   And finishing after few minutes:

   

3. Last step, check the connection to the Team Foundation Server Web Access:
   

   

Done! Now you can set up extra services like the Team Foundation Build Service but this is a different topic that we will cover in another blog post.

For now, just before we finish this post, check that the Team Foundation Server Administration Console has been installed on your computer and open it. From there you will be able to create new Team Project Collections, modify the Application Tier Set Up and access to the main administrative tools of TFS.

Enjoy!

Interesting references:

TFS Overview: http://www.visualstudio.com/en-us/products/tfs-overview-vs.aspx