The easiest way would be to use a tool like DataJunction (
http://www.datajunction.com). Another option would be to write a tool that reads one database and writes to the other. You could use ODBC or OLEDB for that.
That would only take care of the data. For the application, you would need to change the connection string to point to the other database and/or re-write some of the application to take into account the differences in the products.