Google Wave is a real time communication and collaboration tool which will be available by the later part of 2009. The announcement came couple of days back. It integrates email, instant messaging, wikis, web chat, social networking, and project management to build a browser based communication client. This model helps people communicate and work together in unique ways.
You can create Wave at Google wave and add people to it. All of the users in a wave can use richly formatted text, photos, gadgets, and feeds from other sources on the web. User can also reply and edit the content. You can see what other users in a wave are doing in real time.
A wave is a threaded conversation and the code of Google Wave is going to be open source so that developers can contribute freely for further enhancement of the tool. The tool has wiki like feature. You can add or edit information in a discussion. Instead of file attachment, you can drag and drop file at Google wave. Like other social networking tool, developers can buid their own application within Google Wave. You can also playback the wave with the help of Rewind feature.
If you are a developer, you can contribute through two core types of developments. One is Extensions that can automate common task and build gadget extensions. The other one is Embed that allows you to embed Wave at your blog. Please, check here to learn more about Google Wave APIs.