Ah, no, the full block for the sidebar in WordPress 1.2.2 would look something like this <li id="archives"><?php _e('Archives:'); ?>
<ul>
<?php wp_get_archives('type=monthly&show_post_count=true'); ?>
</ul>
</li>
Depending on which template you’re using (I just modified the default one that ships with WordPress for my blog) your notation might be different to keep up with the template.