Well, it can't be done legally, since the OS on the Toshiba is clearly an OEM version and OEM editions of Windows are only legal on the original computer with which it was sold. And, assuming you could physically do it, I believe you'd still have issues with re-activation of Windows because Win XP would behave as though it was installed on a new/different computer due to the hardware changes and it would stop functioning after 30 days unless you registered it, and you could not do that. So, I'm not going to say anything further on the transfer idea.
Apparently, you've wiped the hard drive on the PB or the OS on it is simply not functioning and, for some reason, you no longer have your recovery CD that came with that computer. Unfortunately, the only legal remedy in that case is to buy an OS for it.
I have a feeling we don't have the whole picture here. Anyway, you can still access your old data on the old laptop. So, I can't sympathize with you in this situation.