Compact binaries are important sources of gravitational waves. They are also prime targets for long baseline laser interferometers. In this talk, we present latest progresses made in the Galactic merger rate calculations for compact binaries in the Galactic disk, with an emphasis on NS-NS binaries. For the first time, the non-recycled pulsar found in the Double Pulsar system (PSR J0737-3039B) is included in the rate calculation. We then discuss the prospects of detecting gravitational waves for Earth-based detectors such as advanced LIGO (Laser Interferometer Gravitational-wave Observatory) in US and advanced Virgo in Europe, extrapolating the Galactic rate estimates up to the detection volume of the advanced LIGO-Virgo network, Our results support the expectation that gravitational waves emitted from compact binary mergers will be detected within a decade. However, the detection rate of gravitational waves associated with NS-NS mergers is most likely to be several per year that is much smaller than what has been previously known.