This module makes it easy to dump variables from a working site to add them to install profiles or .install files. Search for variables by pattern, like the module name, and get an export you can copy and paste elsewhere. The module also includes an import tab where you can paste the export to easily set the variables on a new site to match a dump from another site.
You can export the variables as variable_set() commands, as arrays, as functions, or in the Patterns XML format.
This module has been sponsored by Buzzr.
Drupal 7 Plans
Since this module was created, several other solutions have emerged. To create variables for an install file or distribution you can use a combination of Profiler and Profile Builder. To import/export variables on an existing site you can use the combination of Features and Strongarm.
Because these solutions exist and work well, I have no plans to port this module to D7 and it will EOL after Drupal 6.