Haha, I was doing that today… well, I faked it (no shader), but still.
Just get a snow/static texture (random generated black/white pixels), and than at random do a Texture transform.
Hope some one can fix the weird ‘can fill a queue in 1 frame’ thing I noticed. I am building a rather heavy patch, so I wanted to be able to shutdown the texture generaration section when I had a snowy texture.
Today I tried it with a PNG file, so the snow is more transparant, wich looks much better. Will Upload it on my Wiki some day for you.
Edit: ahh… well… attached it anyway, better make the snow a filetexture,
edit2: Ahh… yes… had some trouble in fullscreen this way…