Speed up slave replication on large database / quickly spawn slave

We have a large MySQL database (about 100GB on disk) that we would like to spawn a slave for.

Our typical process for creating a slave is:

1. Create a slave server
2. Load in a mysql dump of the master
3. Start the slave
4. Wait for slave replication to sync w/ master
5. Place slave server in production

The problem we are having is with the size of the database. By the time step two above is completed, the slave is so far behind the master that it is unable to catch up. In fact, the slave replication grows further and further behind. I'm not sure why this happens.

Any ideas on how to either seed the slave server faster, or fix the replication issue? Note that the master server has multiple databases, and a mixture of InnoDB/MyISAM tables. The server is running MySQL 5.1