A Sales Team is a group of internal users that you can put together, working on a specific Customer/Contact/Opportunity/etc.
For example, if you create a Customer, and then add internal user A and internal user B to this Customer 's Sales Team, then A, B and yourself would have full Read/Write access to this customer record. Depending on your 'Access Control Profile" setup, each Sales Team member's manager, and/or users with Admin role, could have Read and/or Write priviledge as well.
By default, a Customer/Contact/Opportunity record automatically have the creator on its Sales Team. Users with Write Access can add/delete additional Team members.
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