This is so trivial, it is almost silly. Yet, I see developers during development go through central admin to recreate their base blank template based site over and over again, thus loosing precious developer minutes.
Instead, create a batch file called "resetport80.cmd", and put the following in it -
stsadm -o deletesite -url http://smw2k8
stsadm -o createsite -url http://smw2k8 -owneremail administrator@w2k8 -ownerlogin SMW2k8\administrator -title Test -sitetemplate STS#1
Now, just run the above, everytime you need a new site! Save ya 5 mins @least few times day. w00t! :-).
(Note: The above is tuned for a developer VM, which IMO should not have a domain)