I've always found that the best approach is to request a performance appraisal. If you get a good review, then you have a strong case for getting a raise.
Good performance should get you more money, but if you're looking for a substantial raise then start looking for projects to take on. At least in my industry (banking), project work is where all the money is right now. It's tough because you get stuck with a bunch of work on top of the work that usually goes with your job, but they are good at rewarding people.