I was looking for a TS type overlay cause I knew TS would not support Vista, Win7 or 64bit OS.  Came across this program called playclaw.
http://www.playclaw.com/en/
Playclaw is a game chat (TS and Vent) overlay, video capture and screen shot program wrapped up in one.

With the game chat mode you can see who logs into channel, who is talking and who has left channel in the color or your choice.  While recording video or taking screen shots you can enable the chatter on screen display to show in your recordings.

Screen shots are in four different formats with multiple quality settings. With the video recording setting you can select three different compressions and two different frame sizes.  You can also enable multi cores of your processor to help with the recording.  This part of the program works like Fraps but uses less memory resources while running.  Speaking of resources, Playclaw uses about 5M of memory resources compared to 30M for Xfire and 27M for Fraps on my system.  I know this seams trivial as far as resources go but keep in mind Playclaw dose not put a burden on the system.  When you add all the programs running up every little bit helps.

This is really a great little program.  I have been using it with COD4 and W@W with no PB kicks.  I recommend Nvidia drivers 186.18 for SLI users.  Previous drivers may display TS names over writing each other (garble) in game.  It supports all XP,VISTA and Win7 32bit and 64bit OS's.  There is a trial version and the full version is about 30 bucks with unlimited upgrades.

Sweet, i might get that

Yeah I've been using it for a few days now.  No real footprint on my system, does screenshots fine, and keeps me from having to look at my G15's lcd screen to see who is speaking on ts.  Thumbs up from me.

I have been using this program as well, I have not had any issues with it however I have not tried the screen shots or video.  It displays who is talking right on your screen so you do not have to take your eyes off the action.  2 thumbs up from me as well!