We attended Google's IO Developer Conference in San Francisco in May 2009. During the first day Keynote, Google announced and Demo'd Google Wave. It took me 15-20 minutes before I "got" what they were introducing. The Wave Software has the potential to change the way we communicate and significantly change the software we use in business today. It will be a few years before we know if Google Wave is going to take off. However, it is very helpful to understand how the web could change when planning your business IT Infrastructure.
Introduction to Google Wave
This is a very short easy to understand YouTube video introducing you to Google Wave.
Google Developer Conference - Google Wave Keynote Announcement
This is a very long (1 hour and 20 minutes) YouTube video introducing Google Wave during the May 2008 Google Developer Conference in San Francisco.