You can now purchase reserved instances for applications that run on a part-time basis. From Amazon:
You can now purchase Amazon EC2 Scheduled Reserved Instances for applications that run on a part-time basis. Reserved Instances provide a capacity reservation so that you can have confidence in your ability to launch the number of instances you have reserved when you need them.
Starting today, the new Scheduled Reserved Instances option allows you to reserve capacity on recurring daily, weekly, and monthly schedules. For example, you can purchase a daily reservation such as midnight to 6am every day, a weekly reservation such as 8am-5pm every weekday, or a monthly reservation such as the first five days of each month.
Amazon Web Services has a new G2 instance called g2.8xlarge. It has 4 high-performance NVidia GPUs for those needing a system capable of doing large scale video rendering, transcoding, or parallel processing. The g2.8xlarge is available in just about all regions. The on-demand pricing is $2.60 per hour. Spot and reserved instances are a little bit cheaper but require an entire month use.
I was able to successfully create an AMI (Amazon Mirror Image) of the Laravel server that I just created. I launched it and it worked perfectly. Creating an image from a running instance is quite easy. Just go the EC2 Dashboard. Select Instances and choose the Instance you want to clone. Go to Actions and select Create Image. It takes several minutes to create an image. Once the AMI is created, you can launch another instance using the AMI that you just created. It took close to 3-5 minutes before the server was able to serve Laravel page that was recently installed. In the future, if I want to launch a clean Laravel install, I can just launch an instance based on the AMI I just created.