If you've never heard of Google Wave you will in the coming months. At Google's I/O conference developer Lars Rasmussen (also developer of Google Maps) demonstrated the Wave prototype, which is explained as equal parts document and conversation.
If you're a little confused about what that means that's fine because I was too. Understandably so it's a difficult concept to wrap your brain around because it's so radical. Basically Google Wave is a re-imagining of how we communicate online and is a hybrid of email and instant messaging. Rasmussen explains that the thought process behind Wave's development is "...what would the email be like if it were invented today?'.
This concept could definitely put, social networking site Myspace, out of its misery and put some pressure on flourishing sites like Facebook or boost micro-blogging site Twitter even further than it already is.
If you would like more details on how Google Wave actually works click here for a video of Google I/O. Some of the things that they demonstrate are truly amazing and it's not even done yet.