TrueSpace 3.2 saves models as .cob files. Then you need to use a .pof-making program, eg Kazan's Pof Constructor Suite, to add some information to that .cob file and make .pof file. The .pof is what actually goes in your /modname/data/models folder. Then similary, the textures that the .pof files uses have to be put in the modname/data/maps folder. Finally you have to add a table entry for your ship into ships.tbl.
Really though, you could have found most of that information from Karajorma's FAQ. Also, TS isn't the only modelling program out there, and quite a lot of people prefer other programs. These include GMax, Wings 3D, and of course the famous Blender. There's also SketchUp, which I find very easy to use. It has a trial version that's fully functionaly but time-limited, and a lighter version (Google SketchUp) that's free (
http://sketchup.google.com/download.html) and can't make model files, but you can use the trial version of SU pro to make them.