Trey's function works perfectly, but it isn't very flexible.
Try this instead:
(defun comment-or-uncomment-region-or-line ()
"Comments or uncomments the region or the current line if there's no active region."
(interactive)
(let (beg end)
(if (region-active-p)
(setq beg (region-beginning) end (region-end))
(setq beg (line-beginning-position) end (line-end-position)))
(comment-or-uncomment-region beg end)))
It comments/uncomments the current line or the region if one is active.
If you prefer, you can modify the function to jump to the next line after (un)commenting the current line like this:
(defun comment-or-uncomment-region-or-line ()
"Comments or uncomments the region or the current line if there's no active region."
(interactive)
(let (beg end)
(if (region-active-p)
(setq beg (region-beginning) end (region-end))
(setq beg (line-beginning-position) end (line-end-position)))
(comment-or-uncomment-region beg end)
(next-line)))
Note that only thing that's changed is the added next-line
command at the end of the function.