I've managed to do this to approximately $300 of donator gear/accounts
1. Find a server
2. Find a target
3. Befriend the target, talk to them etc.
4. After about a week of talking, or when you think you want to go in for the strike.... Offer them to join your private server
5. Tell them there is no account creation page, so you will make their account manually and ask them to tell you their desired account name/password
6. If you're lucky, they're dumb enough to not have different users/passwords for different things, like most people they have 1 for all
7. Send a ticket to a GM or add their admin on MSN etc. and request a password change because you let your brother play your account and now he has his own so he doesn't need your info anymore but he's your brother so you don't trust him... Just be creative
8. Enjoy your new account
I've tried this on the "wowthanku" server and it seems to work, then I used WPE to dupe the donator items onto my own account, and got the account banned
I'm not sure if this will work 100%, but it should
Hope you enjoy if you can get it to work