Google Wave is a new product by Google. It lauches later in the year. The idea is that users communicate and collaborate on the web with a rich set of tools. A “wave” is equal parts conversation and document, where users can almost instantly communicate and work together with richly formatted text, photos, videos, maps, and more.
I watched 1 hour video on the topic that was extremely informative, if you are interested in innovative communication tools then watch this video: