What is Google Wave?
Google Wave is a product that helps users communicate and collaborate on the web. 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. Google Wave is also a platform with a rich set of open APIs that allow developers to embed waves in other web services and to build extensions that work inside waves.
What is the 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.
The Google Wave APIs come in two flavors: Embed and Extensions. With Embed, you’re able to bring waves into your own site through a simple JavaScript API. For example, embedding a wave in a webpage is a good way to encourage a discussion among the visitors. With Extensions, you’re able to write programs, which are packaged as Robots or Gadgets, that provide rich functionality inside the Google Wave web client.
Watch this demo.
This service is under development.Google can launch this service end of the year hopefully.
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