Yes, it is possible with the Snow Leopard DVD. What you need to do is shut the computer down, press C or the Option key to boot into the boot menu. You will see the DVD there. Once it loads, you can wipe the drive with Disk Utility as normal under Utilities and it will install on a blank drive no problem.
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no issues
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just expect to lose ilife:(
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I'm not sure Apple intended this to be the case, though. Just be aware of that, and you will lose the iLife suite. If you don't have it backed up, just go to Apple and have them reload it at the Genius Bar, or download a ISO for it.