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Published on Apr 28, 2012
How to add a new transponder key to your toyota 4runner when you have the master key present. You need to purchase a blank toyota key (from ebay, amazon, etc..) then follow the instructions. Here is a visual of what you are supposed to do: http://imgur.com/r7xbf
I have only tried this on my 2003 4runner SR5, so I am not positive that this will work with any other model years, but those instructions were lifted from a manual that stated it would work through the 2006 model year.
I don't know if this will work with only a valet key, but I think you need to have the master or else you need to get one of these: Smart Keymaker OBD for 4C and 4D chips Toyota