Here's a further update to my posts from earlier. I am finding that Toast 11 seems to work just fine if it is the first program you open after a restart. There's also a possibility that another app breaks Toast. I'm wondering if Safari is the culprit, as I am using Firefox now and Toast is having no issues. I have also had Quicken Essentials open along with Toast 11 with no problems. Earlier I had Mail, Safari, and Unison open and Toast wouldn't even launch.
Phuqit, I am having a bit of a similar problem to yours with one of my drives. I have a Mac Pro with an Apple Super Drive in the top bay, and a Pioneer Blu Ray drive in the bottom bay. I noticed since I installed Mountain Lion that sometimes the Blu Ray drive doesn't show up. The only way to get it to appear is to shut down the Mac completely, then restart. After that everything appears to be ok.