CREATE TABLE newtable SELECT * FROM oldtable;
Done! Or if you JUST want to copy the table structure:
CREATE TABLE newtable SELECT * FROM oldtable WHERE 1=0;
You can do this in practically any DB. MySQL is many things. 'Cool' is most certainly not one of them.
Oh, harsh! MySQL is many things, and Cool is most definitely up there. Granted it doesn't yet have the feature set of Microsoft SQL Server or Oracle, but, given the massive ammount of cash and hassle you'll expect to acquire a license for one of those, MySQL does start looking better and better. There's a reason why it's one of the most popular web hosting databases in the world.