This idea is often discussed in the "Hardware and Performance" forum http://moodle.org/mod/forum/view.php?id=596 for example http://moodle.org/mod/forum/discuss.php?d=173408.
You'll find more discussions searching that forum for "replication" and "mirror". Make use of the "'Using Moodle' advanced search facility" mentioned in the introduction to that forum.
Installing and upgrading help
Moodle on local and remote server
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