Is it possible to duplicate a blog?

I would like to be able to make a copy of a "template" blog. I'm using WPMU to create websites for a certain genre of business that will have normal pages like "services" "about us" "contact" etc. Instead of manually creating copy and pages for each site, I'd like to make a template site and be able to replicate it for new customers.

Any thoughts on how I could do that? Thanks!