Yes, like flaco said this should be pretty simple.
with cpanel you should have access to phpmyadmin which will make it extremely simple.
take a backup of the database as it is now, then go to your new cpanel
Just create the DB and user in cpanel, then go to phpmyadmin and click on the db you just created. You should then see links at the top of the screen, click on "import" browse your harddrive for the backup you just made and click "go" that should populate the new db you just made with all the info from the db on the localhost.
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