Coalescing compact binaries with neutron star or black hole components
provide the most promising sources of gravitational radiation for detection by
the LIGO/VIRGO/GEO/TAMA laser interferometers now under construction. This fact
has motivated several different theoretical studies of the inspiral and
hydrodynamic merging of compact binaries. Analytic analyses of the inspiral
waveforms have been performed in the Post-Newtonian approximation. Analytic and
numerical treatments of the coalescence waveforms from binary neutron stars
have been performed using Newtonian hydrodynamics and the quadrupole radiation
approximation. Numerical simulations of coalescing black hole and neutron star
binaries are also underway in full general relativity. Recent results from each
of these approaches will be described and their virtues and limitations
summarized.Comment: Invited Topical Review paper to appear in Classical and Quantum
Gravity, 35 pages, including 5 figure