I have done this with the use of backupbuddy which is a paid plugin. It works as described on their website.
I won’t link to it as I don’t know the etiquette around linking to paid plugins.
You can go to Tools -> Export and move the content out.
Thanks, I will look into backupbuddy.
Will the theme settings come with it?
it pretty much takes the install you have and makes a standalone install for one particular site. It should bring across all the settings, plugins etc.
It would be worth heading over to their forum and asking them to confirm as it might depend on the themes and plugins you have installed.
No. Themes are seperate. if the theme has an export utility, you can use that.
@mika I was talking about the backup buddy migration tool
(http://ithemes.com/codex/page/BackupBuddy_Multisite)
are you talking about backup buddy or the standard wordpress export that Andrea suggested?
Sorry for the confusion.
I was talking about the standard.
I think BackupBuddy does everything.