A couple of times, recently, I've seen people mention their Adwords experiences and refer to them as "years ago". If you haven't revisited your account and checked out the new features, I'd highly recommend doing so. I would take geo-targeting over broader, cheaper ad spends.
+1 I recently noticed an ad in gmail for a LCO I had never heard of. I clicked on the ad and found it was for a company that operates about 200 miles away. Don't waste your $$.