Bugger I Googled it
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.
Sorry but to me real time communication is actually talking to someone face to face
In a couple of years we'll have a whole generation of people who won't actually know how to communicate face to face