Yes, you can create a new event by copying an existing event. You can then edit the event details and send your invitations for your new event.
Go to the Invitation Manager and find the event that you want to copy. In the options drop down menu, select 'Copy Event' and an exact duplicate of the event will be created with the exception of the event date. The event name will have the word 'COPY' in it, so that you know you are working with the copied version, but you will need to remove that text before you save your new event.