I think you pretty much get the gist of what the movie is about from that right? If not, then it stars Mark Wahlberg as John, a guy who made a wish when he was a kid that his teddy bear would come to life. John gets his wish and ends up with an extremely offensive and foul mouthed bear in the shape of Seth Mcfarlane. Normally, that wouldn't cause to many problems but when your trying to bed Lori (Mila Kunis) then you have to man up a bit, never mind all the fun, swearing and drugs your doing with your teddy bear.
Ted is a Seth Mcfarlane movie as you can probably guess from the trailer, Seth is the man responsible for bringing us Family Guy, a show which personally I hate. Honestly I really don't find it funny at all, I imagine I would probably take this movie the same but that teddy throwing out some moves on the shopping till and then posing for photo's with the ladies tickled me enough to do this.