Probability of getting a duplicate value when calling GetHashCode() on strings
Small - if you're talking about the chance of any two arbitrary unequal strings having a collision. (It will depend on just how "arbitrary" the strings are, of course - different contexts will be using different strings.)
Large - if you're talking about the chance of there being at least one collision in a large pool of arbitrary strings. The small individual probabilities are no match for the birthday problem.
That's about all you need to know. There are definitely cases where there will be collisions, and there have to be given that there are only 232 possible hash codes, and more than that many strings - so the pigeonhole principle proves that at least one hash code must have more than one string which generates it. However, you should trust that the hash has been designed to be pretty reasonable.
You can rely on it as a pretty good way of narrowing down the possible matches for a particular string. It would be an unusual set of naturally-occurring strings which generated a lot of collisions - and even when there are some collisions, obviously if you can narrow a candidate search set down from 50K to fewer than 10 strings, that's a pretty big win. But you must not rely on it as a unique value for any string.
Note that the algorithm used in .NET 4 differs between x86 and x64, so that example probably isn't valid on both platforms.
Large.
(Sorry Jon!)
The probability of getting a hash collision among short strings is extremely large. Given a set of only ten thousand distinct short strings drawn from common words, the probability of there being at least one collision in the set is approximately 1%. If you have eighty thousand strings, the probability of there being at least one collision is over 50%.
For a graph showing the relationship between set size and probability of collision, see my article on the subject:
https://docs.microsoft.com/en-us/archive/blogs/ericlippert/socks-birthdays-and-hash-collisions