Google Wave is the new "it" thing on the interwebs. It's Google's attempt to answer the question: "What will the e-mail look like if it was invented today?" You can say it's the modernized version of email with your regular mashup of documents, and social networking thrown in.
If you're still at lost at what a "wave" is, this great video by Epipheo Studios might help you understand it a bit more.
By the way, if you're one of the lucky ones who scored an invite, please take pity on me.
