Well, given that we bascially don't understand anything in relation to outer space and the universe, I'd say there would be life, outside earth.
Not only this universe is considered infinite, there are also theories of "alternate universes" going around.... And goodness knows how many of these are out there!
I've heard of that theory in a movie... can't remember the name of it now... It also mentions that the big bang, and the "big smash" will happen over and over again, in precisely the same manner over and over again for all of time. Which kinda makes sense, if there will be such a thing as a "big smash".
But I don't think its gonna happen. The universe is expanding outwards, and the theory behind it is from the existance of anti-matter, which behaves exactly like matter. For it to happen, all this anti-matter would have to move towards the heart of the big-bang... and any reason why would it do so?