I've run lists like this to promote events to everyone local to a specific area. My method was similar to Adam's above, I just used different fields. Setting the filter logic to ANY, as Adam mentioned, I simply looked up lists online of all the zip codes and area codes of the region I was promoting to, and pasted the whole list(s) into:
- Inferred Phone Area Code
- Postal Code
- Inferred Postal Code
You could of course use the State and City abbreviations in addition to these; I just found I didn't have to deal with guessing weird spelling variations of cities/states when dealing with numerical codes instead.