Early-type galaxies represent the end point of galaxy evolution and, despite pervasive residual star formation, are generally considered "red and dead", that is composed exclusively of old stars with no star formation. Here, their molecular gas content is constrained and discussed in relation to their evolution, supporting the continuing importance of minor mergers and/or cold gas accretion. First, as part of the Atlas3D survey, the first complete, large, volume-limited survey of CO in normal early-type galaxies is presented. At least of 23% of local early-types possess a substantial amount of molecular gas, the necessary ingredient for star formation, independent of mass and environment but dependent on the specific stellar angular momentum. Second, using CO synthesis imaging, the extent of the molecular gas is constrained and a variety of morphologies is revealed. The kinematics of the molecular gas and stars are often misaligned, implying an external gas origin in over a third of all systems, more than half in the field, while external gas accretion must be shot down in clusters. Third, many objects appear to be in the process of forming regular kpc-size decoupled disks, and a star formation sequence can be sketched by piecing together multi-wavelength information on the molecular gas, current star formation, and young stars. Fourth, early-type galaxies do not seem to systematically obey all our usual prejudices regarding star formation (e.g. Schmidt-Kennicutt law, far infrared-radio continuum correlation), suggesting a greater diversity in star formation processes than observed in disk galaxies and the possibility of "morphological quenching". Lastly, a first step toward constraining the physical properties of the molecular gas is taken, by modeling the line ratios of density- and opacity-sensitive molecules in a few objects. Taken together, these observations argue for the continuing importance of (minor) mergers and cold gas accretion in local early-types, and they provide a much greater understanding of the gas cycle in the galaxies harbouring most of the stellar mass. In the future, better dust masses and dust-to-gas mass ratios from Herschel should allow to place entirely independent constraints on the gas supply, while spatially-resolved high-density molecular gas tracers observed with ALMA will probe the interstellar medium and star formation laws locally in a regime entirely different from that normally probed in spiral galaxies.