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Get your CV / resume together, go out there and start looking for a job. A good developer with your skills should be in demand still today.
In the meantime, while your doing this, start nagging your boss for a raise. Ask for a 1 on 1 meeting and tell him/her how you feel and why you deserve a raise. Try to raise your profile within the company, make sure that you are doing a good job, and make sure everyone knows you are doing a good job.
Copy senior management on your status reports to your boss, especially ones where you get stuff done well ahead of schedule. Make yourself as indispensable if as you can.
Never miss an opportunity to blow your own trumpet.
When you get a better job offer from someone else you can then decide if you want to use it as a lever to get that raise and stay with your current job (hey, maybe its a really great place to work ?) or take the new opportunity and go.
In my experience, in the software development game, its a very good idea to move every few years, as you broaden your experience and get involved with different types of work.
And the best of luck to you with your search.
XDA
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