As pointed out elsewhere, simply negotiating based on your colleague's salary is very unlikely to work.
However, some things I have found can work:
- argue "market value". Use some independent sources. Argue the company should keep up with market value to retain employees. I've seen companies do outside assessments and adjust their pay scale in that way. If you're underpaid by that much, this would help
- argue your personal contributions and why you deserve more. This works, but when you're really far behind, it won't get you there, in my experience. They've settled on a salary for you, and adjustments based on merit are usually small (relative to what you're trying to achieve, percentage wise), I've not heard of 30% or more raises based on "good performance last year"
- use your personal achievements to aim for a promotion. Take care to ensure that this includes a pay review. This is a much better negotation, as you can make it into the accepted band for that new title.
Keep in mind that whatever you want to do needs to be workable and, best case, a good thing for your manager to do. Having a great employee that's promoted? Good thing for a manager (usually). Nice.
Having to fork over way more money for the same result? They probably don't have the budget anyway. Arguments with HR / finance / upper management may ensue. That's not nice.
Promoting a general pay evaluation? Out of the managers hands, probably, but they can definitely help. This may well join up with other efforts by other managers / employees, and the argument of "a lot of good employees will leave if we don't" is IME going to go better than "I will leave unless you pay me X"
The other option is to get an offer from a different company. In my personal opinion, I would take the offer in that case - once I've gone to the trouble of interviewing, I'll probably find a better work place anyway - but if you're invested in staying, you can use such an offer to renegotiate your pay.
Mind you that this kind of negotiation is fairly delicate, you have to walk a fine line to avoid anyone feeling betrayed or giving the impression you'll leave soon anyway, etc. - which is why I'd personally not go for counter offers, really - but I have seen this work for people.
Of course, that's the standard SO advice - get a new job. But really, that is how most people get significant pay rises, as most companies are not that great at keeping up with the market (either because they hope they save money, which they probably don't, having to replace at market value, or because they're just struggling to do this well. Or because they've managed to somehow make people stick around anyway).