tell application "Terminal"
activate
try
set output to history of (do script "cd ~/Cheesespeak3folder ; ./tw3server_mac" in the front window)
on error
set output to history of (do script "cd ~/Cheesespeak3folder ; ./tw3server_mac")
end try
end tell
Just make sure you replace the ‘Cheesepeak3folder’ with the path to the desired folder.