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.
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