Google Wave is a new online communication tool that allows multiple users to collaboratively edit and discuss documents in real-time. Unlike email where messages are sent back and forth, documents on Google Wave are stored centrally on a server, allowing simultaneous editing. Users can view document histories and add or remove collaborators at any time. Google Wave has potential to impact communication for individuals, businesses, and worldwide by integrating messaging platforms, providing translation features, and allowing borderless collaboration through an open source platform.