Google launches new real time collaboration environment Google Wave. Google Wave is a new tool for communication and collaboration on the web, coming later this year. Watch the demo video here, sign up for updates and learn more about how to develop with Google Wave.
Google Wave Is a Frothy Collaborative Mix of Chat, IM, Twitter and Google Docs in Real-Time.

Click here to learn more about Google Wave.
Watch tech videos here and here .

Google also launches 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. Learn more about Google Wave API here.

You can find a complete guide to Google Wave on Mashable.com.

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Google Wave Is a Frothy Collaborative Mix of Chat,IM,Twitter and Google Docs in Real-Time

Google Offical Blog