It'll help people from all around know about your band, not just local high school kids. However, this is a very expensive move if you go through a booking agency. A cheaper alternative is to do it yourself. Flip through the infamous Book Your Own Fucking Life guide, put out by the same people who provide you with the ultimate source to underground punk, Maximumrocknroll. They are relatively inexpensive to get made and will help promote your band with the greatest of ease.
Huge corporations say that advertising in magazines does nothing.
Now, this could be true, but by advertising in music magazines, more and more people who are actually in the mood for music, will see your name. All you have to do is pay for the space to advertise. You must decide what magazines your record company flows better with and contact them. Once you get prices for ad space, you've got to make an ad. Then just send it in with your payment.