What is Drake's equation?

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Does anyone know what drakes equation is?
 
Comic titled The Drake Equation: N = R* fp ne fl fi fc L Bs, with labels for N (number of communicating civilizations in our galaxy), ne (number of life-supporting planets per solar system), fi (probability that life on a planet becomes intelligent), and Bs (amount of bullshit you're willing to buy from Frank Drake).

(source: http://xkcd.com/384/) :smile:

Seriously though, it's an equation that allows you to come up with an educated guess at the number of intelligent civilizations in our galaxy that we might be capable of communicating with, by breaking it down into factors that can be more easily estimated. For a more practical discussion, see e.g. http://en.wikipedia.org/wiki/Drake_equation