Re: Is there life elsewhere in the universe?
--> Almost definitely.

Re: Radio bubble:
The expanding sphere of our radio transmissions certainly does exist, and furthermore its range (given enough time to expand) is *infinite*. It just requires a larger / more powerful receiver to read the signals at a greater distance.
Re: Contact, good or bad?
I'd argue that any civilization advanced enough to be capable of travelling between star systems is more likely to not be hostile, because I can't fathom how a hostile race would manage to survive long enough to reach that kind of capability. I believe we should do our best (within reason) to find signs of alien life, and if alien life manages to contact us, I think we should answer. Afterall, if we find out that there is life out there, I can't see how our burying our heads in the sand and ignoring it is at all beneficial. They'll probably determine our presence anyway, if they hadn't already done so.
On a related note, last week one of my astronomy professors discussed his views on whether or not it is likely for us (or aliens) to be capable of readily colonizing other star systems. He argued that this is not very likely based on our current observations. The supporting argument goes like this:
First, assume that there is one civilization in our galaxy with the ability to travel to and colonize nearby star systems, and let us assume that they are limited by the speed of light but are capable of traveling at a significant fraction of it – and finally, let us assume that it takes them 500 years to travel to and colonize a new star system.
If this is the case, then by virtue of exponential growth, we would expect that the entire habitable region of the galaxy would be colonized within a tiny fraction of the age of the galaxy. (IIRC my professor gave a value of 30,000 years for this, but I’d like to actually see the math). Anyways, because we do not see evidence of the entire galaxy being colonized, it’s probably a safe assumption that the capability to do so either does not exist, or that we really are the only advanced life in our galaxy. I’m under the belief that the former case is the correct one.