Given the current theories about there being infinite parallel universes, this means some interesting possibilites for life out there, but not in the sense that we will ever be aware of it, be able to detect it or come into contact with it.
As for our own universe, the vast distances and timescales involved mean it's unlikely that we would happen to be around at the same time as another highly evolved lifeform in the contactable vicinity. When we look into the sky, the nearest star is 4 light year away. That means the image of it you are seeing is the star as it was 4 years ago. You aren't seeing 'the present', you are viewing the past. Similarly, a message sent by a lifeform in the distant reaches of space could have started out on its journey thousands of years ago. Whether that lifeform or its descendents still exists by the time we receive such a signal is by no means guaranteed. All lifeforms have a limited tenure on Earth, all planets have a finite period during which they can sustain life and probably this is the same thoughout the cosmos.
