In 1961, Dr. Frank Drake (SETI Institute, University of California, Santa Cruz) proposed an intriguing method of estimating the number of intelligent life-forms out there that we might communicate with, now called the Drake Equation. In this talk, Dr. Drake provides a modern update on estimates for the existence of "E.T." He draws on new ideas and new observations (including the discovery of surprising planets around other stars), which have helped astronomers refine both the targets where they search for life and the methods they use. Recorded April 20, 2005.