should I discuss this with my manager…

I work in IS for a fairly small company. There have been very few projects lately, and I am starting to get bored, very bored. While I still have some support to handle each day, everything else is slow. Should I approach my manager regarding this, and explain to him that I am in fact bored, and am looking for some new interesting work? I am concerned about bringing this up, only because there was recently a large layoff, and I worry that speaking up about my boredom may indicate my expendibility. I feel safe in my job, but in a cost cutting environment, I just can’t be sure. I guess I want to have the appearance of being busy, even though I am not. Any advice?