What does work:
- Restart & Shutdown.
- Battery meter.

What doesn't work:
- WiFi.
- Sound.
- Webcam (tried on Photo Booth and iChat)
- Ethernet.
- Trackpad clicking: you can only move the pointer with the trackpad, you need to use the "buttons" below it to click.
- Microphone.
- Sleep (keep sleeping and coming back in a loop until you open the lid).

Requirements:
1. Snow Leopard disc or image
2. 8GB Flash drive (or external HD)
3. NetBookMaker (link)

Steps:
1. Format and partition your flash drive as Mac OS X (Journaled), and do not forget to set it as MBR, not GUID.
2. Restore your Snow Leopard .dmg file to the flash drive, this process may take a few minutes.
3. After finishing the restore, run your NetBookMaker application, select your Flash drive you just had formatted and apply.
-- Done! Your flash drive is ready to boot.
4. Boot your Toshiba, enter the BIOS menu by hitting F2, make sure your Legacy USB is enabled and Sata Controller is set to Compatibility, and not AHCI.
Actually I don't think this last change affect the installation in any way, but I my installation was not running before I made a few changes, and that was one of them.
5. Restart your computer with the Flash drive on USB, hit F12 to choose the drive to boot, select your flash drive and wait, there is a 9 in 10 chances that it's going to enter the Installation menu, if it doesn't, try again.
6. Format and partition your HD using Disk Utility to install Snow Leopard. I've partitioned it as 20GB for Windows and 140GB for Snow Leopard. Partition as GUID this time.
7. Before start the installation, be sure to customize it and REMOVE the printer support and other languages, you can keep the fonts and X11 only.
8. Start the installation (your installation crashed? read error01 below).
9. Installation ok, it'll restart and bring you the welcome screen.
10. Do the basic setup and that's it, you have Snow Leopard on your Toshiba.

PS: It's important to remember that this will only install Snow Leopard on your netbook, there's a lot of things which aren't working, as soon as I get them working, I'll add more steps.

PS: I've formatted it again today, got my installation crashed two times, one with Kernel Panic and other with the "evil restart" screen, but then I setup the BIOS and customized correctly as told above and I'm with the Snow Leopard again. What I do need now is a bunch of kexts where I don't even know where to look for and make everything work.

Known errors:
error01:
If you've followed the steps correctly, the installation should run ok, then it'll do the automatic restart and bring you up to the welcome video. BUT there is a fair chance that your install crashes, either by a Kernel Panic or the "evil restart" screen. If it crashes, you'll find that your flash drive is not recognized as a bootable device again. The thing I did to make it recognizable was removing the flash drive, adding any other flash drive on USB, hitting F12 to show the boot options (your new flash drive may appear), remove the flash drive, put in your Snow Leopard flash drive again and it should be recognized after a reboot.
And also, every time the installation crashes, it switches back to AHCI mode on Sata Controller, and I've always switched back to Compatibility.

error02:
I tried restarting the netbook a few times and noticed that it crashed during the boot once, I waited for the spinning wheel of death for 3 minutes and restarted it.

And that's it:

Okay so I will try this when I get home i am on my iPhone at school lol

i tried it once and it failed so i am trying again right now

FAIL i will try again though

yeah it wont work

Where is the installation stopping at? What error do you got?

during the install it says 18 minutes remaining then it kernal panics

All the times my installation crashed were on 18 minutes too. I'm almost sure you're forgetting to follow one of the steps or you're doing it wrong.
I've installed Snow Leopard following my own tutorial and got it working. going to reinstall it again soon because I need to configure the Dual-boot

Try selecting only X11 during the customization.

@astrological: Have you tried to do any patching with the Toshiba 205 Essentials Package that was pieced together and uploaded in the original thread? This contained some installer packages and kexts that might help with some of the issues. Not sure if you have already tried those or if they're even relevant to the Snow Leopard update, but thought I'd mention its existence in case you hadn't seen it..

I tried a few kexts on the Essentials Package. But my OSX86Tools was unable even to detect them as available kexts. I think this happened because Snow Leopard 64-bit doesn't recognize them as usable.