Welcome to WebmasterWorld, john_jsr :)
You can certainly make use of analytics data to acquire greater volumes of visitors.
However, a list of keywords alone is not necessarily an easy thing to put to good use. The ideal is to have multiple quality metrics associated with the words, like visitor numbers, conversion rates or bounce rate.
Armed with that kind of information, it should be relatively straightforward to find (for instance) keywords with a high conversion rate, but attracting low volumes of referrals. You can then address the reasons why your site is not adequately targeting these desirable keywords.
Without conversion information or another measure of quality, the problem is trickier. You can chase keywords with high volume, but it could be a pointless and difficult task to target a popular, high competition keyword that may not result in visitors interested in your site, when you could be targeting niche keywords that provide equally as many conversions or sales.
A confession: keyword lists are one of the things that I like and use keyword density tools for. It can give an interesting insight into the general themes that visitors use when finding a site. By applying this knowledge to create or shape even a small body of content, you can target a broad variety of desirable keywords without the need for creating thousands of pages.
[edited by: Receptional_Andy at 8:20 pm (utc) on June 17, 2008]