I am surprised no one has yet mentioned the Drake Equation, a "probabilistic argument" that estimates the number of extraterrestrial civilizations in the Milky Way with which we could communicate.
I am pasting the seven variables from the Wikipedia article -- the notion has long made sense to me, especially after seeing it featured on The Big Bang Theory (so it HAS to be correct).
- R∗, the average rate of star formations, in our galaxy,
- fp, the fraction of formed stars that have planets,
- ne for stars that have planets, the average number of planets that can potentially support life,
- fl, the fraction of those planets that actually develop life,
- fi, the fraction of planets bearing life on which intelligent, civilized life, has developed,
- fc, the fraction of these civilizations that have developed communications, i.e., technologies that release detectable signs into space, and
- L, the length of time over which such civilizations release detectable signals,
So the final expression of N (the number of such civilizations) is the product of those variables, or
Life is too short for dull sandpaper.