could i set up a teamspeak or ventrilo server to run from my website or does dreamhost not support that?
You will need to contact DH and give them the specs of the programs and they will give you an official yes or no.
Things to keep in mind for shared server accounts:
No, currently dreamhost does not allow either of those programs to run. However you can vote for them under the suggestions heading on your Home panel.
FYI I believe it has to do with processor load on a shared server.