Don’t explicitly threaten your boss — this is never a good idea. But don’t be a pushover. Stand up for what you want, politely but firmly, and don’t let yourself be cowed. If you’re good at what you do, you should be properly remunerated for it.
Draw your boss’s attention to the specific details of how your performance has helped the company. Perhaps you were instrumental in closing a deal or in salvaging a difficult project. Concentrating on concrete examples like this will help you build an effective case for a raise.
Don’t try to raise yourself up by putting co-workers down. An appeal for a pay increase that runs along the lines of ‘give me more money because I am great while everyone around me is a useless, good-for-nothing fool’ is unlikely to succeed. It won’t win you respect — or friends — either.
As a professional, you are entitled to respect from your employer. But that is also a two-way street. Don’t be too casual — or too ingratiating — on the subject of money. You owe it to yourself to be serious about your job. But that attitude will pay dividends in your dealings with your boss too.