  We study a random bisection problem where an initial interval of length x is
cut into two random fragments at the first stage, then each of these two
fragments is cut further, etc. We compute the probability P_n(x) that at the
n-th stage, each of the 2^n fragments is shorter than 1. We show that P_n(x)
approaches a traveling wave form, and the front position x_n increases as
x_n\sim n^{\beta}{\rho}^n for large n. We compute exactly the exponents
\rho=1.261076... and \beta=0.453025.... as roots of transcendental equations.
We also solve the m-section problem where each interval is broken into m
fragments. In particular, the generalized exponents grow as \rho_m\approx
m/(\ln m) and \beta_m\approx 3/(2\ln m) in the large m limit. Our approach
establishes an intriguing connection between extreme value statistics and
traveling wave propagation in the context of the fragmentation problem.
