As a person who believes in a young earth I think the formula is more accurately expressed as:
TIME + carbon + calcium + oxygen + hydrogen + phosphorus + sugars + and other elements and gases <> LIFE
I firmly believe that things evolve in micro ways but the complexity of LIFE requires a large number of interacting systems, symbiotic relationships, balance, timing etc. that could not evolve to the present state in the amount of time that science suggests the universe has existed.
The human body is amazing. It manufactures at least 53 different hormones (http://users.rcn.com/jkimball.ma.ultranet/BiologyPages/H/HormoneTable.html) and there are 12 systems (8 of which are organ systems). Additionally, there are 5 senses and each one is as amazing as the other.
Too much complexity, variation, and beauty for it (LIFE) to have been created by accident.
As a scientist, I also see too much redundancy and just plain inefficiency to be able to believe that living organisms were carefully crafted.
Why would a creator reinvent the wheel for every single organism? And not just the wheel, but the hubcap, bolts, axles, and every other part—it doesn’t make sense. But from an evolutionary standpoint, it makes sense.
A living organism is nothing more than a conglomeration of chemical reactions. Like any other chemical reactions, they occur as a result of external influences.
I do not have to believe in a literal 7-day creation in order to believe in God, or to be a Christian. To me, the lack of evidence of a Genesis-style creation does not challenge my faith, nor do I see why it should challenge anyone’s. The miracle is that life is even possible, not in the specific process by which it came to have the variety it has today.
Life was certainly not created "by accident," but rather by design of the Creator of the Universe -- to Whom billions of our years (or pico-seconds) are mere eye-blinks of time.
So I believe our Creator intended the Universe to hold life -- indeed, to hold us -- for the Creator's purposes, not "by accident."
Exactly how all this came about is a matter for intense scientific inquiry.
And so far at least, physical evidence shows us life beginning with the simplest possible forms here on earth, not seeded by "bugs from space."
Of course, someday we may find simple life forms (or very interesting organic molecules) hitching rides in comets or asteroids.
Then the question will become: did these "seed" the earth, or did they somehow escape from earth?
But that day has not arrived, and may never.
Proper science can only work with such evidence as it has.