This is just my intuition and speculation but I would guess somebody could formalise some support in terms of Kolmogorov complexity (http://en.wikipedia.org/wiki/Kolmogorov_complexity): there are only so many ways to represent an image or audio, and over time an intelligent race will discover the least complex method and use it. Therefore, alien races of equivalent levels of technical advancement in a given field should be able to decode raw (uncompressed and unencrypted) transmissions of common types of information (images, audio).
Any additional complexity on top of this method will probably be quite structured, e.g. with television signals we have portions of the signal that are blank because during that time the CRT of old televisions would be retracing and not displaying data. (Actually, I believe these "dead" portions of the video signal are sometimes used to send additional structured data, e.g. Teletext, which would make the structure of the signal even more apparent.)
I suspect it'll be much easier to look at alien video transmissions and figure out what they're about than trying to listen do the same with audio transmissions because video would provide objective context (assuming it's not just a video of talking alien heads, or whatever the equivalent of a "head" for them would be).
With respect to encrypted transmissions, if the entire protocol is encrypted from start to finish, and you're using the right cipher* then no, you can't distinguish encrypted data from random noise. This is the principle behind TrueCrypt's hidden volumes (http://www.truecrypt.org/docs/?s=hidden-volume).
* What's the right cipher? So far no nobody has found a distinguisher for AES, and that's in common use, so that's probably good enough to make an alien race blind to us; i.e. we could be picking up signals from a race as sophisticated as c. 1998 humans (http://en.wikipedia.org/wiki/Advanced_Encryption_Standard) without realising it.