Now that you have an idea of what Google Wave is, you might ask so what are you going to use it for. There are actually many uses of Google Wave. You can use it to organize an event. You can add participants, discuss venue and logistics and, before you know it, you have already planned out an event.
You can also use Google Wave to collaborate on group projects. Add your classmates or co-workers to a wave and then start collaborating, exchanging ideas, sharing notes and all those sort of things.
Other uses of Google Wave could be for sharing photos, meeting notes, playing interactive games, brainstorming with groups of people, checking on your Twitter account, searching for products in various online sites such as Amazon.