KALPESHH,
Doing exacly that same thing right now with PDC. Here is the process that we came up with and it seems to be working pretty good so far.
1. Install OS and give it a name that is unique to your network and join existing domain as same roll (DC or member server).
2. Create all of the same shares and copy data to the shares. Install any Server apps (exchange, sql)
3. Install printers (make identical share name).
4. Once you have new server finished, at opportune time, bring old server down. Change the name of new server to match the name of old server and reboot.
Users will need to logoff and login again to map connections to new server. They should be mapping to new server at this point.
The nice thing about this way of doing it is you never touch data on old server and if things go south, you can revert back to old server.
Good luck
JHALL