I read in a book called "Making your own test equiment" which has an IC tester. The simple basis of testing is GO-NO GO as Nigel explained above. The circuit uses a bunch of 2n3904 transistors and LED's to form numerous logic probes (One for each pin). Thus, when a pin is high, the LED lights up for that specific pin.
With that said, the circuit that I am speaking of basically tests whether the IC is functioning, and wouldn't give you any more information as to what the frequencies are, and how the pins work together.
I can post a schematic if this is what you're looking for.