Cloning a Virutalbox 4 Virtual Machine

Cloning an existing virtual machine is not an obvious part of the VirtualBox user interface, even in version 4 of Virtualbox. You have three options as far as I can tell

1) Export an existing virtual machine and import as a new machine
2) Create a new virtual machine using a cloned hard drive file
3) Create a new virtual machine using a copied hard drive file with a changed unique identification number (not official supported)

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