<human>: Can you condense the text into a few key points?

I was unemployed for a pretty long period of time after college but through a friend who already worked at said place found a what seemed like a pretty decent job. Using him as a reference I got an offer pretty easily. Now I'm coming up on the 7 month mark and I am not at all gruntled. My development is being completely ignored despite my excellent job performance. Its the sort of place where you either get promoted after a year or you flounder around the bottom of the pile doing shit work for 2-3 years until you quit and right now its looking like the latter. On top of that, they use very ambiguous language when describing your compensation. I am right now being paid 10k less than I thought I would be because of the way they worded their "bonuses". Its not just me either, most of the recent hires there were similarly duped. In addtion, much of the work I get is an insult to my intelligence is completely unusable elsewhere. I understand that I should be happy to even have a job in these tough times but I think it would be best not to waste my time here. 

So basically, how do I switch jobs effectively? How do I ensure that my current employers do not catch wind of my job search? And since I've been at my very first full time job for such a short amount of time, is this even a good idea? Will prospective employers view my jumping ship so soon unfavorably?
<bot>: How do I switch jobs without jeopardizing my current job and is it even a good idea considering the economy and my relatively short tenure at the only full time job currently on my resume?