The key is load balancing, the distribution of a server's TCP/IP connection load by distributing it among several adapters, or several servers in a cluster.
"Teaming" in Third Party configuration usually means the use of two or more adapters in a server to handle load balancing. You can choose to balance the overall load, or load by port, or load by IP address. In distributing the overall load of connections among adapters you can generally increase the effective server response to its load level by 20%. More commonly it is done be either port or IP. If a server had IIs responsibilities, for example, it might make sense for a busy web site to focus a single adapter to this traffic; and a second adapter for all other ports. IP seperation would let an adapter focus on say half your LAN IPs, and a second adapter another half of your LAN IPs.
In the Advanced Server where multiple servers are possible, load balancing is extended along the above lines to include dividing the workload of a server cluster either for the total load, or again by port or IP range.
The intention in all cases is to increase server throughput and provide automatic failover.