Google Wave is "a personal communication and collaboration tool" announced by Google at the Google I/O conference on May 27, 2009. Instead of sending a message and its entire thread of previous messages or requiring all responses to be stored in each user's inbox for context, objects known as 'waves' contain a complete thread of multimedia messages (blips) and are located on a central server. Waves are shared and collaborators can be added or removed at any point during a wave's existence. Any participant of a wave can reply anywhere in the message, edit the content and add participants at any point in the process. Users can reply to blips within waves. Recipients are notified of changes/replies in all waves they are active in and then view the changes when they subsequently access a given wave. In addition, waves are live. All replies/edits are seen real-time, letter by letter, as they are typed by the other collaborators. Multiple participants may edit a single wave simultaneously in Google Wave. Thus, waves not only can function as e-mail and threaded conversations but also as an instant messaging service, merging the functions of e-mail and instant messaging. It depends only on whether both users are online at the same time or not, allowing a wave to even shift repeatedly between e-mail and instant messaging depending on the user's needs. The ability to show messages as they are typed can also be disabled, similar to conventional instant messaging.
Please check out the video from Google here to learn more!
http://wave.google.com/help/wave/about.html
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