No, but it could backfire. There's a thread on here somewhere about unsolicited calls. If the recipient has signed up to the 'no cold calls register' then the caller can be fined hundreds for calling them.
It costs lots to buy lists of registered numbers, and then you have to trawl through them to make sure the ones you're going to call are not on the list.
As for buying geographical lists of numbers, I believe it is possible, but when I looked into it I found it prohibitively expensive. I doubt these people will be around for long.