[Emperor]

You should:

1. Explain to your current manager what you like and dislike about your job, and offer suggestions on how he could resolve that. Don't be afraid to ask for the world here.

2. Always be Interviewing. Shoot for multiple "potential offers." Having an escape plan out of a crappy job is nice. Having to choose which exit to take is even better.

3. Don't burn your bridges. You never know when your old boss is going to become your new boss' boss. Give 2 weeks written notice via a VERY professional letter, and expect to be shown the door for security reasons.

A friend of mine in the UK was always complaining about his job as a software developer. Got an offer at a new job doing similar work, but better pay. I told him to go talk to his current manager and tell him what would he would like as a counteroffer.

He did even better and wrote up a professional "sales" proposal.

He asked for a promotion to management.
He asked for a significant payraise.
He asked that the company loan him money to buy a house. (WTF?!)

They agreed to his proposal, and he started his new position the next day!

It never hurts to give your current company an opportunity to make things better, and if they don't, then have a couple exit strategies.