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And I'm going to attempt an Arch install on it.

Dual-booting. Keeping winders for skool, and locking it down from the inet with Zone Alarm so it won't get all effed up. Linux will be the only thing allowed to connect. wifi kicks ass!

In my experience Toshiba behaves very well with Arch. I have two Arch installations on Toshiba Equium with the older Intel(R) Pentium(R) Dual CPU T2310 @ 1.46GHz. No problem whatsoever; even Networkmanager works.
You Have the Intel Atom and that is supposed to be good for media streaming etc.
The only downside I see is the 1024x600 resolution. It would be better with 1366x768.
(You check what it can take with xrandr -remember?)
Arch is perfect for notebooks. As always for the greenhorns I will recommend Mandriva, Mint or PCLOS because of the intuitive and easy setup. You have to make manual partitions for a dual boot setup with Arch.
But for experienced users Arch is perfect.
The only small downside with Toshiba laps is that they literary can be hot.

I don't mind the resolution. Anything gets smaller on that bitty screen and I won't be able to see it with this poor eyesight. I may try it but doubt it would stay there. Yeah, xrandr. Who can forget lol. The heat so far has been fine. I ran it last night until the battery charge ran out, still fine, but ask me again come summertime. I wasn't sure which Arch cd to use to install for it but downloaded the core i686 and i686 netinstall images. Am assuming i686 is fine. And yeah, GO ATOM, GO!

Will be trying the Arch install this way when there's time. School starts back up tomorrow. Very early mornings to early evenings. Long days. Not sure how else to go about the installation, other than one of those two methods, as I have no cd/dvd drive on this thing, and I don't know how to mount an .iso from tty (or earlier, whenever I'd need it).

May I suggest that you do it the other way around?
Instead of putting Linux in a VM under Windows; you could put Windows in a Virtual Machine under Linux. That way you will not have to restart so often.
And have a more stable and secure system.

Ugh. Never got the hang of VM.

I want a full Linux installation, that much I know. All Winders will be used for is school anyway, and I'll need full drive access from it to save school files to. Not sure how VM works, but don't think I'd be able to do that if I have it in VM?

Well as far as I can tell this is a Windows VM.
The Virtualbox will let your Drives through, and you will even be able to connect to your VM Windows via network (Bridges). It is not very hard.

Thanks. No time, I'm finding, for a learning curve these days though. School is already putting me to brain-dead at the end of the day. I'm just going to do it as per post above. Something I already know, and can just drop in easily. Dual-boot is easy for me. Been doing them for years.

FYI, decided to go unetbootin with Fedora 16. The Arch installer was a tad erm, "confusing", so decided to go Anaconda, which is much more straight forward. Once I have that, then I'll switch 'er to Arch, maybe it will make more sense then. Unetbootin is happily extracting the F16 dvd files now. Will try to get back here to let you know how it goes.