Do some advance research and rehearse for the phone interview just as you would for a face-to-face interview. It's a good idea to do a mock phone interview(s) ahead of time to see how you sound over the phone and eliminate any verbal ticks (e.g., umms, uhhs, you knows). You may even want to dress for the phone interview as you would for a traditional interview.
Use a headset, so you'll have your hands free to take notes. Ask your interviewers to identify themselves whenever they speak so you can keep track of who's talking. Be sure to choose a quiet room where you won't be interrupted. Bar kids, significant others, and pets from the room and close the door. Don't forget to disable call waiting, and turn off the television, cell phones, and any other potential distractions.
Links to some previous discussions:Phone interviews (11/2/2006)
Telephone interview (5/25/2006)
Phone interview do's and don'ts (3/11/2006)
Telephone interview questions (1/30/2006)
Big mistake in phone interview! (9/24/2005)
What do they want? (8/10/2005)
Phone interview for adjunct position (7/5/2005)
Phone interview (4/4/2005)
Telephone interview tips (3/14/2005)
Phone interview (5/9/2004)
Phone interview (2/20/2004)
Phone interviews (12/16/2003)
Links to related columns:"When You Can't Be There in Person" (2/9/2001)
"Interviewing Before You're Invited to Campus" (12/15/2000)
"Phone Interviews: Like Phone Sex, Only Less Invigorating" (5/26/2000)