How to make an effective application letter?

Philippines
August 8, 2008 4:54am CST
Application Letter - taken from: http://www.flickr.com/photos/orphanjones/677386754/
I just graduated from college and I've been eyeing this company I so want to get employed to. I'm now preparing the requirements to lodge an application, but I'm stuck with the application letter. myLotter, any tips to help me craft an eye-catching application letter that would get me the job?