Try Wave for yourself!
Wave is a web application for real time communication and collaboration, designed to help you get things done with groups of people.Google Wave:
Apache Wave:
The open source Wave code was donated to the Apache Software Foundation and Wave development now happens at Apache. The main project of Apache Wave is "Wave in a Box" (WiaB), a stand alone Wave server and rich web client that can serve as a Wave reference implementation. WiaB is still under development but, if you're feeling adventurous, you should test out the most advanced demo server: waveinabox.net.Walkaround - Wave on App Engine:
Walkaround is a variant of Wave, based on the Apache Wave code base, that runs on App Engine. Walkaround can import waves from wave.google.com to allow users to keep working with their data regardless of the future of wave.google.com. (The import feature is still experimental.)
Walkaround supports live concurrent rich-text editing, diff-on-open, in-line replies, user avatars, wave gadgets, attachments, and the team is working on integrating App Engine's full text search service. For now, it does not support Wave robots, extensions, federation, private replies, or archiving and folder management, but these features could be added. See the feature roadmap.
Try one of the DemoInstances, check out the code, or join the developer mailing list.
http://code.google.com/p/walkaround/