I've run teamspeak over a cable modem, just turn your rates down to the 5.3k or whatever speex compression, and you should be okay. I always notice that even with a ton of bandwidth (hosted on my co-located server) you can't really understand what is going on when two people are trying to talk over each other.
I'd volunteer to host a server for you, but the co-lo plan I'm on is almost at capacity, and if you go over your gigs, it really gets expensive and fast.
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