I have a project in live site. I want this live site replica to my another develoment site ..what are the steps I have to follow and what to do Please help me.
What you need is to setup a staging site for your Magento store. There are quite a few guides floating around if you Google the keyword "magento staging".
Basically what you need to do is just to duplicate the files and databases and then go in to the staging database and change all links from your live site to the staging site (most of it should be in the core_config_data table).