According to Corbett in 1962, the Thorstone is said to have been cast down form the skies by Thor, God of storms. I believe its more likely to be a corruption of the name of ‘Hoar’, the great Goddess. Indeed the Hawk Stone, and various Hoar stones stand widely hereabouts and probably derived their names from the same deity.
In 1278 CE, the village of Taston was recorded as being called ‘Thorstan’, so it seems likely that the village derives its name from the stone itself. About 10ms away is a huge old stone cross, the top it now fallen, which is said to have been erected to abate the evil influence of the ancient standing stone. (Bloody early Christians wanting a monopoly on history and goodness again!)