For a random quantum state on $\cH=\C^d \otimes \C^d$ obtained by partial tracing a random pure state on $\cH \otimes \C^s$, we consider the question whether it is typically separable or typically entangled. For this problem, we show the existence of a sharp threshold $s_0=s_0(d)$ of order roughly $d^3$. More precisely, for any $\e>0$ and for $d$ large enough, such a random state is entangled with very large probability when $s \leq (1-\e)s_0$, and separable with very large probability when $s \geq (1+\e) s_0$. One consequence of this result is as follows: for a system of $N$ identical particles in a
random pure state, there is a threshold $k_0 = k_0(N)\sim N/5$ such that two subsystems of $k$ particles each typically share entanglement if $k>k_0$, and typically do not share entanglement if $k<k_0$. Our methods work also for multipartite systems and for ``unbalanced'' systems such as $\C^{d_1} \otimes \C^{d_2} $, ${d_1} \neq {d_2} $. The arguments rely on random
matrices, classical convexity, high-dimensional probability and geometry of Banach spaces; some of the auxiliary results may be of reference value.