Wait no more, Google unveils Google Wave, an open source, personal communication and collaboration tool – all within a browser, using HTML 5 (dubbed as the Microsoft killer). Simply defined, Google Wave combines the best of worlds from plain vanilla email, hosted conversations,  bulletin boards, combined with the power of instant messaging and social network applications like Orkut. Connect the concept with the possibilities at workplace – shared meeting minutes, with REAL TIME view as content is created (yup, real time – meaning text shows up in your browser as your colleague types), real time deliverables and content creation etc.

Lisa Hoover from “Computer World” defines Google Wave as:

“Wave is an elaborate mashup of collaboration, documentation, and real-time messaging that Google hopes will make people finally sever ties with AOL, Microsoft, and other online services. Its function is similar to what would happen if you linked your team’s computer desktops together, then put a giant virtual whiteboard in front of everyone.
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I think it’s a safe bet Wave will fly in enterprise. If nothing else, the magic words “improved workflow” will entice companies to at least try it. There’s no question that freelancers, telecommuters, and anyone who relies on remote collaboration will jump on Wave the day it’s available, and stick with it if it helps save time and money.”

What’s more – Google Wave comes with a cool set of APIs, opening up a world of possibilities and opportunities to develop extensions. Drooling.

Click here to view the embedded video.

Check out Ben’s latest blog post on Mashable.com for a deep dive