How to duplicate a MySQL database on the same server

Michaels answer abowe works well but does not copy events, stored procedures or triggers.

To copy those a few more switches is needed for mysqldump: --events --triggers --routines

To complement an already made copy:

mysqldump --user=username --password=passwd --no-data --no-create-info --no-create-db --events --triggers --routines live_db | mysql --user=username --password=passwd test_db

The mysql command line client will accept a stream of SQL statements from standard input. You can therefore pipe the output of mysqldump directly into mysql on the command line. Doing this as a cron job will regularly overwrite your test data with updated live data:

mysql --user=username --password=passwd -e 'DROP DATABASE test_db;'
mysql --user=username --password=passwd -e 'CREATE DATABASE test_db;'
mysqldump --user=username --password=passwd live_db | mysql --user=username --password=passwd test_db

Note that since your data is large, it will take a long time.