Major labels aren't terribly helpful anymore, not only do you have a slim chance of being signed, but you are also very unlikely to make money with them if you are.
Your best bets are either finding an indie label, going completely independent, or finding a form of artist management.
This is just wrong. This is my third year with my solo project, and last year I personally made over $10K with music. Its not a living, but its alot more than other people are doing.
What I would do is if you don't have any experience with marketing and such, find an artist label. They often cost nothing up front, and they take a manager's percentage, but the down side is you normally have to be accepted. The one I used was EvolvingPoet (www.evolvingpoet.com). They took 18% of profits but they provided me with distribution, a marketing plan, help setting up social networks, help promoting those networks, mixed my music for me, helped with college radio campaigns, and best of all, they treated me like I was actually something to be valued (whereas a lot places kinda treat you like disposable meat.)
An awesome company I use now that I know a bunch about marketing and stuff is AWAL (awal.com). They will distribute your music for free to all major online retailers, but they take a 15% cut of your profits.
Also, as for the radio, chances are you won't make it onto a lot of the airwaves. You have to target places that will specifically allow indie music, such as college radio or stations that have a "local" hour and such.
Hope this helps!