Could crack jokes but will give you some serious advice.
A telephone interview takes place to save time and hassle. If they have loads of applicants it will save time whittling out the idiots and timewasters rather than getting them in for a face to face. It's not ideal but sometimes a must. Especially if it's a telephone based job.
You therefore should:-
Have your CV in front of you
Have the job spec in front of you
Have any specific questions prepared you may want to ask about the role
Have your reason for applying for the job prepared
Some one mentioned dress smart. You can do this. Dress smart think smart and all that
Do stand up when on the phone. You'll sound more confident and alert
Be polite obviously and friendly but draw the line at being over familiar
Answer each question clearly and as concise as possible
Don't hum and haw, eh, uh etc.. as a lot of people have habits on the phone they don't have in a face to face conversation
If you ask a question wait for the answer, don't just ramble to fill a silence
Also make sure your mobile is off if they are calling you on the house phone, no tvs or radios in the background or noisy pets.
All that and you should get a face to face. Only if you're keen on the role too though!
Good luck
Hope this helps