Well, if you want to implement your already existing code in another specialised application project , I think it is better to use your previous project as a library and reference it in your new project. That way, all the various classes in PhotoAlbum would be accessible to you in your CarPhotoAlbum. It can be considered analogous to Inheritance where the parent class can us used as a base class for the specialisations in the derived child class.
To create a clone of your project : Open the project that you want to copy. Copy and Paste using Cntrl-C and Cntrl-V . When you finish pasting, Eclipse will ask you for a new project name. The Eclipse project name and directory are independent of the application name and package.
Have a look at this question for more details.