Yup, that's usual way the rationals are shown to be countable. Here's two interesting things regarding this. If you think of it as simply tuples (ordered pairs of numbers) instead of a numerator and denominator, you can replace the column labelling with the tuple mapped to by the number, and get a way to count 3-tuples (ordered triples). Continuing in this way, you can show all N-tuples are countable for any finite N.
So, now that we know all N-tuples are countable, we can turn the tuple into a function (like division for the initial tuples), and still the cardinality of those numbers created will be Aleph0.
(e.g., for a 5-tuple (a,b,c,d,e) you could map it to the function (a/b)+(c/d)^-e. The countable set created includes all rationals and many irrationals, but still is not "larger" than natural numbers.)
This essentially shows that Aleph0 * Aleph0 = Aleph0. Something pointed out by Octopuppy when he mentioned the square and cube etc with edges being 1 on a number line all have the same density.
Yeah, that didn't prove it. Notice that between any two unequal irrational numbers are infinitely many rationals as well. To see this we'll use the repeating decimal definition of rational numbers that Bonanova used. First, find the first difference in the decimal expansions of the two irrational numbers. Move a few decimal places to the right, then either round up the lower or round down the higher from there (I might need to be more specific here for a solid proof, but you get the idea). You can now tack on the decimal expansion for any rational number, and the result will be a rational number between the two given irrational numbers.