Yes, this can be very useful for forum/message board sites with large databases. In your control panel under cron jobs use the following command:
mysqldump --user=YOURDBUSERNAME --password=YOURDBPASSWORD --quick --add-drop-table --add-locks --extended-insert --lock-tables --all DATABASENAME | gzip > /home/username/path/to/backup/folder/databasename-`date -I`.gz
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