I highly doubt the existence of intelligent life outside of earth (and outside of the Trinity and the elect & fallen angels of course), and I certainly agree with many here that we shouldn't waste copious amounts of money searching for it, nor should we encourage people who become obsessed with this idea.
I will say, though, that I depart from many of my compatriots in my own theological circle who hold a dogmatic view that there cannot be intelligent life outside of earth. And here is my reasoning, which won't mean a lot to anyone who isn't mid-Acts dispensational and open view.
From a Mid-Acts/Open perspective, the 7-year tribulation was supposed to happen almost 2,000 years ago, however it was cut short. If that hadn't been cut short, and Christ had returned then, would the gospel as we know it ever have been delivered to the native American tribes? No. They didn't know that a whole other group of people lived beyond what they thought was the edge of the world, the limits of their perceived universe. If you'd told them there was a whole different land mass over there with multiple nations and scores of unique cultures of peoples, they would have thought you were nutty. It would have been an alien world with alien cultures, to them.
It seems to me we have the same situation today. If there were other peoples beyond the earth, how would this invalidate the Bible or the gospel, itself? I can't see how it would. If we found out there are "aliens" living out there, it certainly wouldn't harm my faith or invalidate what I know from scripture. And our Creator would hold them accountable based on what they know, just as He held native Americans accountable based on the extent of the gospel that they knew (ie. Romans 1 & 2).
I see no significant difference, but I stand to be corrected. (And I still have no belief in any likelihood of intelligent alien life, and I doubt that will change.)