What is the probability that there is life on other planets? From a mathematical point of view,  what is the probability that 

1) There is organic life on other planets 

2) There are advanced species like us or even greater than us on other planets?

Is there a formula or equation or a way we can calculate this probability?
The probabilites are unknown at the moment (March 2014), since there is only one known planet (Earth) harboring life. This doesn't allow any meaningful probability estimates for the occurence of life, based on empirical data.

The overall formation of life is too complex to allow simulations based on current technology.
Although some intermediate steps can be simulated or performed by experiment, e.g. by the Miller-Urey experiment.

The Drake equation is a simplified attempt to decompose the probability into factors. Some of the factors aren't known yet. But there has been much progress in estimating the frequency of exoplanets, and the probability of planets to be habitable. From this news release one could estimate (order of magnitude), that there is one habitable planet around a Sun-like star per about 1,700 (about 12³) cubic light years in our region of the Milky Way ("... the nearest sun-like star with an Earth-size planet in its habitable zone is probably only 12 light years away...").

We don't know the probability for habitable planets to develop life, nor to be colonized. Probabilities of complex life forms are even more difficult to estimate (yet). More discussion about habitability of exoplanets on Wikipedia.