This tutorial was made with TrueSpace SE. If you use TrueSpace 2 it should be fine, I don't think they're that different from each other. TrueSpace isn't the best program to use for character animation, but if it's all ya got then it'll have to do.
After you start up TrueSpace, set the view to "front". Open the primitives panel, and add a box. Click on "object scale", then right-click on it to bring up the "coords" box. Select "screen axes" and make sure both the Y and Z axes are deselected (the dark grey boxes are the selected ones). Now click in the screen, and drag the mouse to the right. Stretch the box so that it looks more like a rectangle.
Now click "Point Edit:Faces". This should bring up the point navigation panel. We don't need to worry about this for now. Select the left face of the box (you may find it easier to open a new face view in th corner). Now click "Sweep". Now we want to pay attention to the point navigation panel. Click on "Point Move" then right-click it to bring up the coords box. Again, make sure that X axis and Screen Axes are the only boxes selected. Now drag your mouse to the left and make this new section of the box a little bigger. Do the same to the right side of the box. These are going to be the shoulders.
Now select the bottom-middle face, and sweep it. Sweep it again, and then deselect the X axis and select the Y axis in the Point Move coords panel. Now drag the mouse down to give our model a stomach. Now click on "Point Scale" and then right-click on it. Make sure only screen axes and the X axis are selected, then click in the screen and drag your mouse to the left to make his waist skinnier.
Click "Point Edit: Vertices" and select the two top-right and two top-left verticies in the shoulders (to add a vertice to the selection, hold ctrl and click). Move the points down (click "Point Move") to give the shoulders a less boxy look. Deselect those verties, and select the two bottom-left vertices on the shoulder and move them more to the left (make sure the X axis is enabled). Deselect those, then select the two bottom-right points, and move those out to the right some more too.