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the drake equation was a theoretical calculation as to the number of possible intelligent civilizations in our galaxy... or the universe I'm a little fuzzy as to which.
However there was an article on space.com that stated there are less technically proficient civilizations in our galaxy because of the gamma bursts that pass through our galaxy every 26,000years. I for one think the equation is useful, but by no means a realistic proof of how much life is out there. Unfortunately like most questions in life, you have to get out there to find the answers yourself.
Depends what you mean by 'correct'. It's really nothing more than the product of a set of (theoretically) unrelated probabilities. The equation itself is probably fairly statistically sound. But the error bars on the values one plugs into it are so huge at the moment as to make the result effectively useless.
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Is it possible for the drake equation to be correct?



Is it possible for the drake equation to be correct?
Is it possible for the drake equation to be correct any why do you think or know so