Hi.
If you have another Mac in the household, you could try directly mounting the sparsebundle on the Time Machine drive, but I'm not sure if there are consequences in doing so. The problem is that while you can manually navigate and examine a TM backup, it doesn't give you a big-picture view that lets you determine whether the backup is current or integral. The folder structure is complex and does not look like what your Macintosh HD volume looks like. So, the short answer: I don't think it's possible.
If you have another Mac in the household, you could try mounting your daughter's Mac volume in target disk mode (with a Firewire cable) and then using Disk Utility to clone your daughter's hard disk to an external USB drive. This would give you a means of preserving what's left of the file system before you nuke-n-pave her MacBook. In fact, you might be able to skip the whole target mode business and just copy the hard disk via Disk Utility by booting to your Snow Leopard DVD and having an external USB drive 250GB or bigger attached. The following article will help you with that process:
http://support.apple.com/kb/ht1553
Once you've got your MacBook's HDD copied for safekeeping, my advice is a complete nuke-n-pave of the file system with a completely fresh install of Snow Leopard. When you create the first account on your new Snow Leopard installation, create a different user name than your daughter's login. Use this first account and run the migration utility to import your daughter's account from the Time Machine backup. Assuming the TM backup is complete and current, she'll have all her files and applications restored and in place. This article should help:
http://support.apple.com/kb/HT4413
After that's done, you can go into System Preferences - > Accounts, ensure your daughter's login has Administrator privileges and then log into the box with her account. Once you're satisfied that all is normal on her account, you may, from her account, go into System Preferences - > Accounts and delete the account you used to migrate her account from Time Machine.
The last thing ...
Once you've got your MacBook all spiffy and happy, you'll want to archive your Time Machine backup to another disk as a safe snapshot of your Leopard installation. Archiving in Snow Leopard is handled via the AirPort Utility for Time Capsule-based backups. In Airport Utility, click on your TC and then click the Manual button. Click the Disks button/tab, Disks and then click on Time Capsule Disk, Archive and follow the instructions.
If the TM backup is a different disk, you've got a different path ... This article can help, but note that you'll probably want to keep using your existing TM backup drive:
http://macs.about.com/od/backupsarchives/qt/Moving-Time-Machine-To-A-New-Hard-Dr ive.htm
Lots and lots and lots to digest here. Best of luck! I really hope you get it all sorted out without any data loss.
trane