Yes you can, depending on the size of the site.

1.Create a template on the site which you want to reflect on the other.
Configure the same in to the other site.

2. Do a site level MIGRATION to move the content  accross sites.

check for the migration script in microsoft site.

For #2 smigrate only works for WSS content  (either in WSS or in a site under
SPS) - it will not work  for SPS portal  content. Another option would be to do a
complete site backup and restore using spsbackup, but it will require a 2nd SQL
server instance (there are internal IDs preserved in the backup that cannot
exist more than 1x per SQL server instance).