Oracle VM 3.0.3 Server and Manager provide you with the ability to clone virtual machines quickly and easily. However, as of yet, there is not live hot clone facility available. The Oracle RAC VM must be powered off before you perform the clone operation.
There are two options available for cloning within Oracle VM: simple clone and advanced clone. Simple clone takes a quick snapshot of the VM to be copied to the new clone. Advanced provides you with the ability to create a custom clone process based on a menu driven GUI that you can create based on your requirements for cloning VM images.