No, this isn't called the "snail" knot. It's the "snell" knot, and is the perfect knot for attaching an eyed fishing hook to fishing line. The snell knot is a favorite among fishermen, and is the perfect hitch knot to learn. Wade Bourne of MyOutdoorTV will show you exactly how to tie the snell knot.
Snelling means tying the knot away from the eye of the hook. It's used often in sea fishing, but works well for any type of fishing to increase strength and improve catch rates with bigger fish.