This is a new feature in all 2008 versions of AutoCAD, including LT2008. You can use the Autodesk technology preview tool ExportLayout to export a selected layout to a separate DWG file, all the entities creates as modelspace entities in the new file.
ExportLayout is a free add-on you can getfrom Autodesk HERE, or from http://www.xanadu.cz/en/download.asp?file=ExportLayout
Read about the limitations of this freebie add-on HERE.
No, this add-on cannot be installed or used with in any version lower than AutoCAD/LT2008.