I'm in the process of doing that. I'm doing work that deserves 6 figures and I'm making 73k. I told my boss the other day and she said she 100% agrees and so does the president of the company, and that they have to convince the CEO, who is hesitant to invest in internal development resources, even though... he wants us to develop new stuff.

Earlier this year I was supposed to have a small team of developers under me and get a promotion to lead developer. My "unofficial" title is Lead Developer, except I'm the only developer. I've developed a web platform in a year that is about to go into production, all by myself. Quarter of a million lines of code, it automates one side of our business. Found out the CEO shot down the team even though I interviewed 4 people and gave my recommendations. I'm also leading the programming of products for a new, HUGE client, by far our biggest client of all time, one of the largest companies in the world with a tremendous budget. I'm the only one they trust to do the work for this company. We just got recommended by our client contact there to all of the other departments of that company (I'm not allowed to say who the client is because we have a nondisclosure agreement). It's largely due to the quality of my work. If we break into the other departments successfully like we did this one (our client said we're the best market research vendor he's ever worked with and he has been actively pushing his associates towards us), our business could quadruple.
If something doesn't happen with a big raise/promotion soon, I'm going to tell them I'm looking for another job. I'm 98% sure they will give me what I'm asking if that happens, but I have 5-year long range plans in motion with this company, I love my boss and coworkers, and the president told me to stick with it because "he brought me into the inner circle for a reason". So I'm hoping they do it without me threatening to leave. I know I could jump from job to job, but I love the company I work at, it's growing fast and I am a big part of that growth. And they fully accept me being a musician on the side and working remotely from the road, and stuff like that. If I could have exactly what I wanted, it would be to stay with this company until retirement, but if they don't pay me what I'm worth, I'm going to have to leave.