"I was a toad yesterday. I'm a toad today. I'll probably still be a toad tomorrow. *SIGH* There really is little room for advancement in my field."
With apologies to "Snoopy" who says the same thing about being a dog. :)
Variability within a species may or may not eventually lead to speciation. If these long-legged toads get separated from their shorter-legged cohorts somehow, and other changes occor in their body such that the two populations can no longer interbreed, THEN you get a new species of toad.
Consider the example of a ring species:
http://en.wikipedia.org/wiki/Ring_species
You can get several populations with small differenes that will still interbreed. As small changes within one species build up, it happens that two groups that are capable of reproducing with some of the other groups in their "species" but NOT WITH EACH OTHER. At this point our whole definition of "species" kind of breaks down.
And if the toads evolved into a higher order species, who is going to turn into a prince to live happily ever after with Snow White? Is that the right fairy tale? LOL! Have a good day. ;)