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I found a very good explanation of this theory in the book "The Origin of Life" by Paul Davies (Also called "The Fifth Miracle"). I don't remember too much of it (I guess I'll have to re-read it) but it's a very good book and I would recommend it. In fact the range of environments that bacteria can adapt themselves to live in is simply astonishing. For example, some of them can live in volcanoes and hydrothermal vents, others live in bodies below the freezing point of water. From there to space it's just a small step (but a giant leap for mankind.)