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With the utter size of the universe as a whole, there is no question that there is other life out there. I don't even doubt that there is life that is intelligent.
But going along with the sheer size of the universe, its unlikely that any of these species will ever contact physically. Unless one has some space/time folding device like in Event Horizon (movie kicks ass), I don't ever see it happening before the sun dies and our planet (and people if we don't expand beyond the solar system) is burnt to nothingness
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