Creating a local database instance from the RDS snapshot

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http://serverfault.com – I am running a AWS RDS large instance for the production. I am taking mysql every mid nite. But the thing is its taking too long to take the mysql dump and also the website will stop responding during the mysql dump process. What I am planning to do is, instead of taking the mysql dump, any how I am taking DB snapshot every day. So is there any other way to copy the DB snap shot of the dump to a local box so that I have a back up of it locally every day. Kindly suggest me some out of the box. (HowTos)