Now what on earth is Google Wave. Its a paradigm shift from the internet based communication tools you have known since the email went online.
To understand what it is, lets first look at this homemade video:
This video would have got you curious, as well as confused 
It also has various plugins. I am particularly impressed by its translation robot, “Rosy”. It allows you to communicate with someone in real time in two different languages.
Now lets look at this video coming from the house of Sergey and Page
But the best way to really comprehend and appreciate what it is, is to take it for a test-drive.
I will be looking forward to your ideas on how you used it, or tested it. As I said, its a paradigm shift, so we all will need a bit of time to truly appreciate its potential and start using it.
Google Wave is in early stages of release and may not be available to everyone. If you do not have access to it, at least get yourself on their list so that you can get an invitation in due course.