Answer to #1: Yes, it is possible that other life exists in the universe. When will humans discover it? Who knows! Maybe they are watching us right now, waiting for us to grow up! The greatest benefits from discovery of course will be the advanced technology and at the same time the greatest dangers will be the advanced technology. We as a species seem to always find the wrong things to do with technology.
Answer to #2: We have been transmitting signals for some time now since the discoveries of Tesla and Marconi. What information have we already sent?
Answer to #3: I run SETI@home to be part of something bigger than myself. If discovery is made, it will be the biggest event in human history outside of religious events documented in the Bible. I do say that walking away from death was a mighty big event. We are still counting down time from that very time.....2003 and counting.
SETI@home and Astropulse are funded by grants from the National Science Foundation, NASA, and donations from SETI@home volunteers. AstroPulse is funded in part by the NSF through grant AST-0307956.