If you don;t care if the identities match up, then you simply identify the columns you want to copy and omit copying the identity column.
insert into table2 (col1, col2, col3, col4)
Select col1, col2, col3, col4 from table 1 where id = 5
As a general rule you should always identify the columns not use the *. In the first place it keeps you from sending more columns than needed reducing network traffic, and inthe case of an insert or Union query, it makes sure that you match the columns of one table directly to the corrct column in the other table and insures your code won't break if someone moves columns around or adds them.
Fastest way to add all columns in Query analyzer is to use the object rowser and drag the columns from the table. If you open the columns to see the columns and drag the word columns over you get all of them, otherwise you can drag which individual columns you want. Usually I drag all and tehn just delete the indentity column from the query code after rather than dragging each column individually.