<p>Is this possible? I am looking forward to a tutorial which explains the steps to achieve this.</p>

TestDriven.NET
has the ability to test (NUnit/MSTest/etc) with Team Coverage (which you already have since you have Team System : Dev).
Walkthrough:
here
(you also get the coverage results window for looking at the coverage per method) - but this says it all:
(source:
mutantdesign.co.uk
)
You can use NUnit tests, but use the MS IDE integration for colorization, percentagaes, etc (no need for NCover). I use this all the time ;-p
The advantages are:
no need to set up a "Test Run Configuration" (sorry, MSFT, but an own-goal there)
fully integrated with VS (Code Coverage Results and Coloring)
easy to use (just right-click -> Test With -> Team Coverage)
easy to debug too (right-click -> Test With -> Debugger)
easy to use the separate NUnit/NCover apps if you want  (right-click etc)