  We have used our new technique for fully numerical evolutions of orbiting
black-hole binaries without excision to model the last orbit and merger of an
equal-mass black-hole system. We track the trajectories of the individual
apparent horizons and find that the binary completed approximately one and a
third orbits before forming a common horizon. Upon calculating the complete
gravitational radiation waveform, horizon mass, and spin, we find that the
binary radiated 3.2% of its mass and 24% of its angular momentum. The early
part of the waveform, after a relatively short initial burst of spurious
radiation, is oscillatory with increasing amplitude and frequency, as expected
from orbital motion. The waveform then transitions to a typical `plunge'
waveform; i.e. a rapid rise in amplitude followed by quasinormal ringing. The
plunge part of the waveform is remarkably similar to the waveform from the
previously studied `ISCO' configuration. We anticipate that the plunge
waveform, when starting from quasicircular orbits, has a generic shape that is
essentially independent of the initial separation of the binary.
