What Is Google Wave?

Google Wave is a project announced by Google at the Google I/O conference on May 28, 2009. It is a web application and computing platform designed to bring together e-mail, instant messaging, wiki, and social networking, with a strong collaborative focus, mixed with spellchecker and translator extensions, which are able to work in concert, in real-time. It is planned to be released later in 2009.

Google Wave is one of the most hyped but least understood services Google has ever launched. Part of the problem is that—while it’s about collaboration and real-time communication—it has no direct parallel to existing products. As such, it’s hard to explain Wave to anyone who hasn’t used it. 
Google Wave is a new model for communication and collaboration on the web.
Here’s a preview of just some of the aspects of this new tool.
1.A wave is equal parts conversation and document. People can communicate and work together with richly formatted text, photos, videos, maps, and more.
2.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.
3.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.

Watch This Video To Know More About Google Wave: