Before you ask for a promotion or a raise...

Or what are the things company can do for you, you should ask yourself what you can do for the company, your boss and even your boss's boss first.
The bottom line is you need to do a good job and let your accomplishments be seen by people who matter, which involves playing politics.
Be a "giver" first and a little bit of sympathy to people around you goes a long way. If you think your boss or the company is a "taker" who under appreciate your work, then it's time for you to move on.
I believe if you are good at what you do and have a giver attitude, you should never worry about holding onto a job. Those who worry about their job security usually only do the minimal or just not good enough for their job and they probably know it but aren't willing to think about it.
The other way to look at it is would you want to feel underpaid or overpaid? Both aren't a good feeling, but I'd rather feel like I'm being underpaid as long as its not to an extreme.
How do you know if you are being paid fairly? Go on interviews and see what's out there until you can't find something better. A big promotion and raise usually come from switching jobs since its much easier than working through HR and your manager unless you are severely underpaid to begin with. Even if you do get it, it will only work once.