To reformat toshiba p300-1cn without recovery discs??

There is nothing else to consider as you have copied the data files you need.
Boot up with the Toshiba recovery CD to setup the laptop back to the factory out of the box condition and follow the instructions.
A fresh copy of Windows will be installed plus the laptop's device drivers. You then need to install programs such as MS Office etc.

The media test failure could indicate a failed hard drive. You can order one for cheap on newegg.com or pick one up at bestbuy for under $50 You would need a 2.5" sata hard drive. Comment if you need help installing it.
You will want to contact toshiba and order the recovery media. There is no way to just download it unfortunately.
Toshiba Support for the United States Computers: (800) 457-7777 (toll-free) or (949) 859-4273
Toshiba contact page http://www.csd.toshiba.com/cgi-bin/tais/support/jsp/navShell.jsp?cf=su_contact&pf=true
Tell them you need to order "recovery discs" and they will probably ask for the serial number. I've seen the recovery media run from $16-80 depending on manufacturer.
Comment if you need additional assistance.

Toshiba has some free downloads available on their website but they do have recovery discs (NOT FREE) for current models. I had a root kit problem and they advised me to search the internet for discs to match the system.

there is no way to reformat it with out a disk sorry you will need a disk to reformat it

if you have another operating system disc, you can try to use it to reformat the hard drive and reinstall the operating system. you can also try to restart the laptop and press F12 a few times as it tries to restart to get to the One Time Boot menu to see if it has an option to do recover/restore the computer to factory settings. if none, try to restart it and press F8 a few times as well as it restarts to get to the advanced options menu and see if you can find a utility to restore to factory configuration hope this helps

You can download from here :
http://www.filestube.com/b258b99649b5915203e9,g/TOSHIBA-Recovery-Disc-Creator.html

You can obtain a recovery CD from Toshiba. Go to www.toshiba.com and order a recovery CD.

It is not clear what you mean by restore here... do you want to salvage you r personal data on laptop or just want to restore the OS... which you said you have installed XP.
the copied recovery disc may not be booting for various reasons...
1.not set to boot fromcd drive in bios settings.
2. cd copy was not cd to cd copy or it was not made bootable. maybe you just copied the data of the friends recovery disc.

you need to contact todhiba it seems there is a problem with the discs u brought i had same problem

i think u need 2 reformat your computer..