can i copy the role of administrator to another user and remove few capabilities not required ?. Basically, i want to have a user with restricted admin privileges.
Give this plugin a try - http://wordpress.org/extend/plugins/user-role-editor/
To inspect what's attached to a current user, you can use my Current User Deamon Plugin. (There's also a version at the repo, but that's a little outdated.)
Then read a little into Roles & Capabilites in the Codex to get a feeling for what's happening.
Then use the
add_cap() function to add single capabilites or play with the role objects (use the data, the plugin shows you) to move capabilities between roles).
Basically it's only a) retrieving the roles, b) grabbing the capabilites and c) add a new role (ex. restricted-admin) object that d) get's the reduced capabilities.