Google Wave was announced on the second day of google I/O conference. It is an in-browser communication and collaboration tool. Users send waves to commuicate with each other to communicate. A wave can be a conversation, photos, videos or even a document where people can discuss and work together. It supported richly formatted text. Any wave participant can reply anywhere in the message and since it is live other participants can see the message as you type. This results in faster communication. More participants can join the wave at any pooint of time and can play back to see who said what and when. Google Wave also supports the ability to drag and drop attachments from your computer into Google Wave. You can also embedd photos and videos in a wave and it is as simple as right clicking on the browser.
It is written in Java using OpenJDK; its web interface uses the Google Web Toolkit. 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, waves contain a complete thread of multimedia messages (blips) and are located on a central server.
You’re going to have to wait a while though: Google Wave will not be available to the public until later this year. Right now it’s only available to a select group of developers, who will be able to create their own Wave servers. It’s also an open-source project with a lot of API integrations, so we can expect a lot of user-driven innovations and extensions for the platform as well.