hey Jaymz...... seriously, in this day and age record contracts are overrated. Get yourselves out there, promote the fuck out of yourselves, play everywhere you can, use the power of the internet to create a fanbase...... you'll have MORE FUN, make some more cash than you would if you had a record deal. And If you create a fanbase large enough to pick the interest of a few record companies, you'll be in a WAAY better position to negociate record contracts.
there are tons of books DIY music career, I've read a few and they definitely have a point.
Of course we'd love to be touring arenas and playing in front of 15,000 people every night, but that doesn't happen over night, unless you're a "puppet-boy-band" and even those guys end up all burnt down just because they're a record company toy band.