Google Wave is a product that 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 with richly formatted text, photos, videos, maps, and more.

And Here’s an image preview of just some of the aspects of this new tool.

What is a wave?

A wave is equal parts conversation and document.People can communicate and work together with richly formatted text, photos, videos, maps, and more.

A wave is shared. Any participant can reply anywhere in the message, edit the content and add participants at any point in the process. Then playback lets anyone rewind the wave to see who said what and when.

A wave is live. With live transmission as you type, participants on a wave can have faster conversations, see edits and interact with extensions in real-time.

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.

What is the Google Wave API?

The Google Wave API allows developers to use and enhance Google Wave through two primary types of development:

• Extensions: Build robot extensions to automate common tasks or build gadget extensions to provide a new way for users to interact
• Embed: Make your site more collaborative by dropping in a Wave

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- via Techguide