Yeah, as long as you have chameleon or whatever you use on either your hard drive or your usb drive. I have this with Leopard, but I haven't tried it with Snow Leopard. I installed it with a distribution dvd the same way i would have on my computer.

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SportsGuy
Dell Studio Desktop 540
Intel Core 2 Quad 2.83 GHz Q9550 (All cores work)
EVGA nVidia GeForce 9500 GT (1GB) (Works)
M-Audio Fast Track Ultra Sound (Works)
Realtek Ethernet (Works)
8 GB DDR2 RAM (Of course works)
24" Dell 1920x1080 16:9 Monitor
Tri Boot with Snow Leopard 10.6.3 (64-bit) and Vista (64-bit) and Linux Mint