I believe there is a hell. I don't believe in the fire and brimstone hell, as much as separation from God, and thusly from love. It would be the type of experience, in my opinion, where one cannot live, but also one cannot die.
And I also believe in heaven, again, as being in the presence of a loving God, whom I do believe exists.
Unlike NeverAmI, I do not believe these concepts are bribes or ultimatums, because I do not believe that being with or or being separated from God has any basis in morality. That seems to be a common misconception about Christianity. Most (though, not all) denominations do not believe that a person's soul goes anywhere based on what they DO or do NOT do, as the case may be. If that were so, everyone would go to hell, as all sins, biblically speaking, are equal. Some people struggle with the idea that a person who murders another person could still "go to heaven" if they say a prayer and accept salvation. According to this belief, sin is sin, no matter how big or small, and separates the sinner from his/her Creator. So from that belief, there really isn't anything too big small to keep a person from heaven, except unwillingness to accept forgiveness. I somewhat believe in this, though I struggle with a few questions of my own.
I don't understand why people say that if there is a God, there can't be a hell. I find that confusing. If hell is separation from God, and a person chooses to be separated from God (through sin, unbelief, etc.) and does not accept the unconditional love and forgiveness of God, why would God force the person to be in His presence? He wouldn't. And He won't. Because love is a choice, and that is why we were created with free will, so we could choose to love and glorify our Creator BY loving Him, and loving others.
It's like if I offered to buy you lunch, and you said you didn't want it, because you didn't want to eat lunch with me, and then turned around and accused me of depriving you of lunch. It just wouldn't make any sense.
I'll get off my spiritual soapbox now.