Talakoski spent four years at the University of Manitoba. In October, 1986 he signed as a free agent with the New York Rangers and played three games for the club that season. The rest of his rookie year was spent in the American Hockey League (AHL) and the International Hockey League (IHL). In 1987-88 he played a six games for the Rangers then scored 24 goals for the IHL's Colorado Rangers before retiring. Talakoski also served as a firefighter in Thunder Bay, Ontario for 18 years. Talakoski was found dead by Thunder Bay Fire and Rescue Services after a short search near Pier 3 in Thunder Bay, after having been reported missing from his residence. He is reported to have suffered from Shy-Drager syndrome.