Red Gear Productions

Here's a little information on Wave directly from Google's official wave website:

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 andadd participants at any point in the process. Then playback lets anyonerewind the wave to see who said what and when.

A wave is live.With live transmission as you type, participants on a wave can havefaster conversations, see edits and interact with extensions inreal-time.

It's a great looking application in development by Google that they plan to release by the end of this year.  Visit their website - GOOGLE WAVE