Joe is right. The argument says a god can exist in a universe, and if it does, it is more likely that the universe contains life. Universe has life, therefore it's more likely to have a god.
Very silly. I just got a really good poker hand. I twitched my head to the left just before it was dealt. Two possibilities, the twitch helped or not. If the twitch helped, it's much more likely I got the good hand. I got the good hand, therefore it's much more likely that the twitch helped.
No, the argument says the possibility of a life-permitting universe is so low, there are two rational theories to explain it: A multitude of universes (or a cyclical universe), or a fine-tuner (which may or may not be God, but would be a being(s) sufficiently powerful to create a universe and tweak it's physical constants).
To further develop the core version of the fine-tuning argument, we will summarize the argument by explicitly listing its two premises and its conclusion:
Premise 1. The existence of the fine-tuning is not improbable under theism.
Premise 2. The existence of the fine-tuning is very improbable under the atheistic single-universe hypothesis.
Conclusion: From premises (1) and (2) and the prime principle of confirmation, it follows that the fine-tuning data provides strong evidence to favor of the design hypothesis over the atheistic single-universe hypothesis.
From a very good analysis of the argument, if anyone cares.
http://www.discovery.org/a/91