Is the universe expanding faster than the speed of light?

I just looked up the speed of expansion/parsec (70 km/sec) and multiplied by half the size of the galaxy. If I recall, I got about 10^12 m/s. This, of course, is faster than the speed of light.

Is this right? And what does it mean practically? It would seem objects right at the edge of the observable universe will red-shift, but eventually become part of the unobservable universe? Or will the wavelength red shift to wavelenghts in the miles?