Asking for a raise right now might be out of the question as many companies are making personnel cutbacks, but that doesn't mean you can't do anything right now to make yourself more valuable to your employer. If you're in a position where you would normally be getting a raise but it's a no-way no-how situation this year because of budget reasons, consider asking for different responsibilities instead.
Ask your boss if there are any new responsibilities that you can take on that would give your job description more depth. The more you're capable of doing for your employer the more you are valuable to her — a well-rounded employee is an asset and you'd be in a better position to ask for a possibly even more substantial raise when things turn around. Constantly learning and seeking opportunity is key in remaining competitive in your workplace and the job market.