  This paper reports a comprehensive study on the gravitational wave (GW)
background from compact binary coalescences. We consider in our calculations
newly available observation-based neutron star and black hole mass
distributions and complete analytical waveforms that include post-Newtonian
amplitude corrections. Our results show that: (i) post-Newtonian effects cause
a small reduction in the GW background signal; (ii) below 100 Hz the background
depends primarily on the local coalescence rate $r_0$ and the average chirp
mass and is independent of the chirp mass distribution; (iii) the effects of
cosmic star formation rates and delay times between the formation and merger of
binaries are linear below 100 Hz and can be represented by a single parameter
within a factor of ~ 2; (iv) a simple power law model of the energy density
parameter $\Omega_{GW}(f) ~ f^{2/3}$ up to 50-100 Hz is sufficient to be used
as a search template for ground-based interferometers. In terms of the
detection prospects of the background signal, we show that: (i) detection (a
signal-to-noise ratio of 3) within one year of observation by the Advanced LIGO
detectors (H1-L1) requires a coalescence rate of $r_0 = 3 (0.2) Mpc^{-3}
Myr^{-1}$ for binary neutron stars (binary black holes); (ii) this limit on
$r_0$ could be reduced 3-fold for two co-located detectors, whereas the
currently proposed worldwide network of advanced instruments gives only ~ 30%
improvement in detectability; (iii) the improved sensitivity of the planned
Einstein Telescope allows not only confident detection of the background but
also the high frequency components of the spectrum to be measured. Finally we
show that sub-threshold binary neutron star merger events produce a strong
foreground, which could be an issue for future terrestrial stochastic searches
of primordial GWs.
