Advanced LIGO and Advanced Virgo will be all-sky monitors for merging compact objects within a few hundred Mpc. Finding the electromagnetic counterparts to these events will require an understanding of the transient sky at low red-shift (z<0.1). We performed a systematic search for extragalactic, low red-shift, transient events in the XMM-Newton Slew Survey. In a flux limited sample, we found that highly-variable objects comprised 10% of the sample, and that of these, 10% were spatially coincident with cataloged optical galaxies. This led to 4x10^-4 transients per square degree above a flux threshold of 3x10^-12 erg cm-2 s-1 [0.2-2 keV] which might be confused with LIGO/Virgo counterparts. This represents the first extragalactic measurement of the soft X-ray transient rate within the Advanced LIGO/Virgo horizon. Our search revealed six objects that were spatially coincident with previously cataloged galaxies, lacked evidence for optical AGNs, displayed high luminosities around 10^43 erg s-1, and varied in flux by more than a factor of ten when compared with the ROSAT All-Sky Survey. At least four of these displayed properties consistent with previously observed tidal disruption events.
Interferometric detectors will very soon give us an unprecedented view of the gravitational-wave sky, and in particular of the explosive and transient Universe. Now is the time to challenge our theoretical understanding of short-duration gravitational-wave signatures from cataclysmic events, their connection to more traditional electromagnetic and particle astrophysics, and the data analysis techniques that will make the observations a reality. This paper summarizes the state of the art, future science opportunities, and current challenges in understanding gravitational-wave transients.
