In order to create a key-stroke that clones a line of text in Emacs, put this in your .emacs file:

(defun duplicate-line ()
  "Clones the current line of text."
  (interactive)
  (save-excursion
    (copy-region-as-kill (line-beginning-position) (line-end-position))
    (end-of-line)
    (newline)
    (yank)
    (current-kill 1)))

(global-set-key "C-z" 'duplicate-line)

As you can see, the duplicate-line function is bound to Ctl-z - rebind to something else if needed.