I absolutely think there is extraterrestrial life out there ! However, I think we will be contacted first (if we already haven't).
I wouldn't participate in Setiathome if I thought it was a waste of time. It's great to know you are participating in as meaningful way with others in the world towards a common goal. The creators of this project have thought of the best way to share their dream with others and solve a huge number crunching problem at the same time.
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.