But given the speed limit of the universe, we'd be receiving radio signals from way in the distant past (dependant upon the distance to the source).
You could also suggest that some of the planets we're seeing via Kepler don't even exist anymore!
I do love a good 'hard' sci-fi story and the concepts behind the Drake equation and Fermi Paradox are great ideas to explore. Stephen Baxter touches on it In many of his books. I do like his work.
The frustrating part is that the time spans and distances involved mean that
1. Any signal we pick up is likely to come from a civilisation that's no longer there (risen, flourished, declined, GONE)
2. IF they're still 'alive' we'll never meet them (without wormholes or other universal...