We @ First Crush believe that this tool will soon be the best collaborative tool to use, yet another awesome innovation from Google. Kudos to the Google Team for this, this tool is currently available on request only basis and is not open for general public as of now..

Check this link below for more details

http://wave.google.com/help/wave/about.html

About Google Wave

Google Wave is an online tool for real-time communication and collaboration. A wave can be both a conversation and a document where people can discuss and work together using richly formatted text, photos, videos, maps, and more.

[youtube=http://www.youtube.com/watch?v=v_UyVmITiYQ&rel=0&color1=0xb1b1b1&color2=0xcfcfcf&hl=en&feature=player_embedded&fs=1]

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 and add participants at any point in the process. Then playback lets anyone rewind the wave to see who said what and when.
A wave is live. With live transmission as you type, participants on a wave can have faster conversations, see edits and interact with extensions in real-time.

Real-time collaboration
Concurrency control technology lets all people on a wave edit rich media at the same time.
Watch the tech video

 Natural language tools
Server-based models provide contextual suggestions and spelling correction.
Watch the tech video

Extending Google Wave

Embed waves in other sites or add live social gadgets, thanks to Google Wave APIs. 

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