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Yes, I tryed to do this. Actually toast a snack bread. I put real butter on it and everything. Try as I might, it did'nt work very well. The bread did start to turn into a brownish color. The butter helped. I can't recommend this. Just an experiment.

Did you try splitting it first?

Absolutley not. My Randall was too dull. I did have a Gov't. mess hall butter knife to spread the salted butter, though.

I wonder if you leave it in a toaster for too long if it'll burst into flames like a pop-tart?

Strawberry Pop-Tart Blow-Torches
http://www.pmichaud.com/toast/

Maybe try a toaster oven?

I'll bet if you get one of those luscious pieces of bread toasted that smearing some peanut butter on it would taste great. Uuuuuu, and bring on some jam too! Yum!!