How to setup customer_src/livesite_src classes locally in eclipse. So that we can compile and put it into jboss server without running the build.
Is there way to access teamsite from eclipse directly ? so that we can debug it.
That's an awfully loaded question, so I'll address only the bits that pertain to the HP platform (the rest you can get from Java forums or Google).
What you want to do in Eclipse is produce one (or more) JAR files, which you'll then copy to a TS server into customer_src/lib or livesite_customer_src/lib. For your code to compile, you'll need some of the libraries from TeamSite, so you'll usually want to copy those into your local Eclipse workspace and add them to your build path. Then, use something like ANT or Maven (or even eclipse itself) to compile your code into a JAR file.
You technically can drop it directly into JBoss and restart the container, but I strongly suggest doing this only for development purposes. On all other environments, you should be putting it in the UITK folders and running the build (or make_toolkit) to ensure your customizations are preserved whenever any number of things happen to the container. Note that the process will run a lot faster than usual, because it has no code to compile -- it's just copying your JAR to the right locations and restarting the container.
As for accessing TS from eclipse, I'm assuming you mean attaching a debugger? I personally work better with log files and stack traces, so I haven't done it myself but I've seen others successfully do so. Google something like "attach debugger jboss 4.2" -- the directives aren't anything special for TS.