Yes, you have two options. Both require none of the data changes in any of the files during copying.
- Completely shutdown the server you are going to clone. Copy it over, make relevant .cnf changes (especially server-id), start up the new instance.
- If you're using LVMs you can take an LVM snapshot while the server is running and then copy that snapshot over.
If you're doing this to get a slave running, in both cases you'll want to have run show master status before shutting down/taking the snapshot so you'll know what to CHANGE MASTER TO when spinning up the new slave. I would recommend setting read_only=1, then check the position. If going the snapshot route you can set read_only=0 so the master can continue to take writes.