how to duplicate blog for same site

i currently have a wordpress blog set up. and would like to duplicate it so i can have 2 seperate blogs on my site, so for ex. i have set up http://www.cnn.com/blog , now I want to set up http://www.cnn.com/blog2 . I’ve gone ahead and duplicated the blog folder, so now I have 2 folders blog & blog2. Now from here not sure what other steps to take, cause right now if i just go to cnn.com/blog2 and try logging in to admin, it takes me back to the admin for the original blog. Please help w. step by step, I’m noob at this.