Google defines its wave to be equal parts conversation and document where people can communicate and work together with richly formatted text, photos, videos, maps, and more. The intention of the wave is to be shared among any participant and they can reply anywhere in the message, edit the content and add more participants at any point in the process. Wave also provides playback that lets anyone rewind the wave to see who said what and when. The wave is alive, and with live transmission as you type, participants on a wave can have faster conversations, see edits and interact with extensions in real-time.
With Google Wave you can managing the Organizing events, group projects, photo sharing, meeting notes, brainstorming and playing interactive games. I can send you an invitation to join and experience Google Wave for yourself, just leave me a comment or send an email to fouadbajwa [at] gmail.com
No, Google didn't pay me to make this post!