Google Wave is a self-described "personal communication and collaboration tool" announced by Google .Google Wave helps users communicate and collaborate on the web. A "wave" is equal parts conversation and document, where users can almost instantly communicate and work together It is a web-based service, computing platform, and communications protocol designed to merge with richly formatted text, photos, videos, maps, e-mail, instant messaging, wikis, and social networking. Google Wave is also a platform with a rich set of open APIs that allow developers to embed waves in other web services and to build extensions that work inside waves. It has a strong collaborative and real-time[ focus supported by extensions that can provide, for example, spelling/grammar checking, automated translation among 40 languages and numerous other extensions


Google Wave has a lot of innovative features, but here are just a few:
- Real-time: In most instances, you can see what someone else is typing, character-by-character.
- Embeddability: Waves can be embedded on any blog or website.
- Applications and Extensions: Just like a Facebook application or an iGoogle gadget, developers can build their own apps within waves. They can be anything from bots to complex real-time games.
- Wiki functionality: Anything written within a Google Wave can be edited by anyone else, because all conversations within the platform are shared. Thus, you can correct information, append information, or add your own commentary within a developing conversation.
- Open source: The Google Wave code will be open source, to foster innovation and adoption amongst developers.
- Playback: You can playback any part of the wave to see what was said.
- Natural language: Google Wave can autocorrect your spelling, even going as far as knowing the difference between similar words, like been and bean. It can also auto-translate on-the-fly.
- Drag-and-drop file sharing: No attachments; just drag your file and drop it inside Google Wave and everyone will have access.


read more
http://en.wikipediawiki/Google_Wave
http://mashable2009/05/28/google-wave-guide/
http://code.googleapis/wave/