Here comes the new Google product - 'Google Wave'. Bottoms Up!
About Google Wave
Google Wave is an online tool for real-time communication and collaboration. A wave can be both a conversation and a document where people can discuss and work together using richly formatted text, photos, videos, maps, and more.
What is a wave?
A wave is equal parts conversation and document. People can communicate and work together with richly formatted text, photos, videos, maps, and more.
A wave is shared. Any participant can reply anywhere in the message, edit the content and add participants at any point in the process. Then playback lets anyone rewind the wave to see who said what and when.
A wave is live. With live transmission as you type, participants on a wave can have faster conversations, see edits and interact with extensions in real-time.
When to use Google Wave?
Keep a single copy of ideas, suggested itinerary, menu and RSVPs, rather than using many different tools. Use gadgets to add weather, maps and more to the event.
Collaboratively work in real time to draft content, discuss and solicit feedback all in one place rather than sending email attachments and creating multiple copies that get out of sync.
Drag and drop photos from your desktop into a wave. Share with others. Use the slideshow viewer. Everyone on the wave can add their photos, too. It is easy to make a group photo album in Google Wave.
Prepare a meeting agenda together, share the burden of taking notes and record decisions so you all leave on the same page. Team members can follow the minutes in real time, or review the history using Playback.
Bring lots of people into a wave to brainstorm - live concurrent editing makes the quantity of ideas grow quickly! It is easy to add rich content like videos, images, URLs or even links to other waves. Discuss and then work together to distill down to the good ideas.
Add a gadget to a wave to play live interactive games with your friends (we're hooked on Sudoku!). See everyone's moves as they make them in a fast-paced game or take a break and come back later.
And a Lil Bit on Google Wave API
The Google Wave API allows developers to use and enhance Google Wave through two primary types of development:
Extensions: Build robot extensions to automate common tasks or build gadget extensions to provide a new way for users to interact.
Embed: Make your site more collaborative by dropping in a Wave Google Wave is currently available in a developer preview as the APIs and product continue to evolve. Accounts on the developer sandbox will be given out to people intending to build with the Google Wave APIs prior to the public release.
Check it out urself at: wave.google.com/
and here is an article on it-