Does TFS have anything like CCTray for Build Notifications?

Or Start -> All Programs -> Visual Studio 2010 -> Team Foundation Server Tools -> Build Notifications

Personally, I find the Build Notifications app to be pretty terrible. It is slow for one. I find it better to just create email alerts whenever anything happens with a build. They are much more real time.

Edit: I just noticed you use TFS 2008. I don't have it installed to check but it should be roughly in the same location.

Edit 2: I realized the tool comes with TFS Power Tools. Find it here: http://www.microsoft.com/download/en/details.aspx?displaylang=en&id=15836

AnyStatus is another tool that supports multiple CI platforms, including Visual Studio vNext. It comes as a Visual Studio plug-in, and also as a Windows program (with tray icon and notifications).

More details here: https://stackoverflow.com/a/48291894/3063884

UPDATE 2017-06-21: CatLight no longer has a free edition, unless used with an open source project. Details: https://catlight.io/editions

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Visual Studio has an included application called "Build Notifications". This tool allows a (close-to) real-time status to be displayed of the current build status across one or more builds on the TFS Server. However it only works with XAML based builds, which are deprecated in favour of vNext builds.

There's a 3rd-party tool that does Build Status, notifications, bug monitoring and more for TFS (both XAML and vNext builds) and other systems (such as Jenkins). It's called CatLight and there's a free version that works with up to 10 builds - https://catlight.io/editions.

It is configured in a similar manner to CCTray, and is very easy to use.

Here are some screen-shots: