From a published author's perspective:
Self-publishing CAN be a way to go, depending on how and where you go about it.
A friend of mine self-published through Lulu.com and was extremely successful. He got picked up by my publisher and his book is now outselling one of mine. Many others, however, barely sell any copies through Lulu. Lulu is a Print-On-Demand service. That is, you don't pay a cent to them--they just take a large percentage of the cover price of each copy you manage to sell in return for printing and shipping the books for you.
Do NOT--under ANY circumstances--publish through a venue that wants you to pay them to publish it. Especially publishamerica--stay far far away from them. I've heard horror stories to make your skin crawl. Places that make you pay are called "vanity presses" and they are NOT worth your time.
Print-on-Demand services CAN be very much worth your time. Remember, though, that when you go this route you get out of it what you put in. Write a quality novel, find yourself a good cover artist, and make sure your presentation is excellent...get yourself a press release or two out! Send them to your local newspapers and your favorite websites.
At the very least, self-publishing a work will net you experience.
But remember--stay far away from any and all vanity presses. The moment a "publisher" asks you for money, run away.
And yes, it is safe, especially if you make sure you copyright your work with the US copyright office before you submit it around. (Do not use the "mailing trick." It will not hold up in court.)
So by all means, give it a shot--while traditional publishers offer better returns and higher circulation, self-publishing also has its benefits, such as building an initial fan base--which in turn can lead to future works being picked up by more traditional publishing houses.
Good luck!