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What does MRev stand for? What rating is considered a good or poor Life Span? I've created Engines with a 214 Life Span..is this a reasonable or practical engine?

MRev stands for Mega Revolutions or 1 Million revolutions.

If your Engine has a lifespan of 1 MRev it can idle@1000RPM for about 16 Hours before it explodes. (running it @ 3000RPM would kill it in 333Minutes or 5,5 Hours)
A Engine with 600MRevs could idle on 1000RPM for about 10000 Hours or 417 days. (running @ 3000RPM would kill it in 3333 Hours or 138 days)

Your Engine has a lifespan of 214 Million Revolutions, you could say it has to run 214.000.000 revolution before it dies.

Oh ok, Thanks you! I created the engine that i have in my car, in the demo and then modified it, so i wanted to know if i basically killed it lol

Is this figure available for real life engines?

i would like to know if there is a practical math formula to put the knowledge to use?

There's no definitive formula to convert Mrevs to mileage, but you can make assumptions.

So if your engine will last 214M revs, figure it'll average 2500RPM @ 45 MPH over the lifetime of the engine:

214,000,000 revs / 2,500 RPM = 8,5600 minutes = 1,426.67 hours

1,426.67 hours x 45 MPH = 64,200 miles before your engine explodes

Whoa, that means that all my engines will last over 150,000 miles or 241401.6 KM (this is of course using the stated averages of 2500RPM and 45 MPH) Because I require all my engines to last longer than 500 MRevs.