How to clone a content type? I want to clone a node type and add a few fields in it. I think the simplest will be to duplicate it and start working on it.

It seems there is no official way to clone a content type in Drupal 7. Features may allow it but there is no written procedure as to how it could be done.

I've even tried Bundle Copy module.

What'll be best way to clone any content type in Drupal 7?
The easiest way is to use the Bundle copy module, but if you can't get that to work I'd recommend the Configuration Management module. 


  The configuration management module enables the ability to keep track of specific configurations on a Drupal site, provides the ability to move these configurations between different environments (local, dev, qa, prod), and also move configurations between completely different sites (migrate configurations) without the use of modules with all configuration being owned by the site.


It's basically features with the stuff you don't need. Its sole purpose is to move configuration from one site to another.