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Unfortunately there is no easy way to do this trencherfieldmill. It's basically duplicating the whole site.
You could try and copy from the "page source" and paste the copied code into a blank site but you have to know what is template and what is content. This is all HTML and you won't have access to any pre-existing widgets via their GUI.
Having done this only a couple of times it's certainly faster to copy and paste content and rebuild widgets using your first site as your guide compared to the original build where you had to test and move content to get it right... :)
It would be a convenient tool for the very occasional need.