The following is the details about Google Wave, Google’s very ambitious (open source?)effort to takehold of the social networking movement– it is derived from the fairly ample information (but no accessible demos except by permisso) on the Google Wave API pages plus a Business Week overview. Here is the schematic:
The key idea with Google Wave is to create conversations among partys in a Web context. See BuddyPress.org for another and definitely Open Source take on the idea. Also think of Google Wave as texting carried to the nth power. The current and next wave of Smartphones and Netbooks will be perfect vehicles for Google Wave Apps. Expect the mobile carriers to be developing(and encouraging the development of) Wave apps.
Go here for the Google Wave API details(expect changes according to Google).