MySQL Community Edition: Can I replicate my entire server with another server in one go?
I answered a question on how to use rsync to copy a live DB to another location.

You would repeat rsync process multiple times until two rsync's run in the same time.

Then, you would shutdown mysql on the master, perform a final rsync to the new server, and start mysql on the master.

You then properly prep the new server, make sure /var/lib/mysql has everything, make sure you erase all binary logs on the new server, and make sure you have the same my.cnf on both machines (you may want to change the server_id)

Here is an excerpt from that link:

Step 01) install the same version of mysql on ServerB that ServerA has

Step 02) On ServerA, run SET GLOBAL innodb_max_dirty_pages_pct = 0; from mysql and about 10 minutes (This purges dirty pages from the InnoDB Buffer Pool. It also helps perform a mysql shutdown faster) If your database is all MyISAM, you can skip this step.

Step 03) rsync /var/lib/mysql of ServerA to /var/lib/mysql on ServerB

Step 04) Repeat Step 03 until an rsync takes less than 1 minute

Step 05) service mysql stop on ServerA

Step 06) Perform one more rsync

Step 07) scp ServerA:/etc/my.cnf to ServerB:/etc/.

Step 08) service mysql start on ServerB

Step 09) service mysql start on ServerA (optional)

Give it a Try !!!