Use Disk Utility.
Go up to File -> New -> New Disk Image From Folder
Choose the drive instead of a folder
Make the image read only or read/write, or CD/DVD ROM master depending on your preference. I usually do read only so the image won't be disturbed, and then I used Disk Utility to "Restore" the image to another partition, usually on an external firewire drive.
Sometimes, after "Restoring" it to an external HD, I open the Startup Disk preference pane and select that partition as a startup disk. I've heard this action "blesses" the partition to make it bootable.