What would you do if your team mates are far less capable than you?

I bring them quickly up to speed so that I do not have to do all the work.-:)

As a team leader one ought to work out a time bound development program on mutual agreement with the concerned after having mutually identified the areas of development.
Analyse his/her STRENGTHS and WEAKNESSES.
Document the same and start the development program by training, coaching etc.
After having completed this, evaluate the progress and then take a final call.

First of all personally you have to become roll model for them.
When they will follow your behavior, automatically a motivation and thrill will generate in their mind.
Analise their pulse, and ignite their capabilities and last but not least is please provide conducive working environment.
If you do this they will give you extra ordinary results.

I will start with a friendly conversation to realize them in such a way that they don't feel offended and also motivate them and help in every way i can to bring them on same level i am.
Also would throw some benefits for the team to get competition in and let them be the masters.