VS Professional + Team Explorer + TFS (separate license) can do source control

Hi,

Does anybody know if the following (1)+(2)+(3) would suffice for Source Control (i.e. I can check in/out/diff source + branching and tagging etc)?

1. Visual Studio Professional Edition

2. Team Foundation Server (separate license around USD2-3k a year)

3. Team Explorer (free download VS Plugin)

Thanks