Google recently terminated Wave, but instead of purging the code the company will be releasing the source code of the project.
Even if Google Wave failed to create ripples, you can give it a try and spin your own Wave.
Alex North, Software Engineer, Google Wave team, wrote on a blog, "We will expand upon the 200K lines of code we've already open sourced (detailed at waveprotocol.org) to flesh out the existing example Wave server and web client into a more complete application or "Wave in a Box."
Wave in Box includes an application bundle including a server and web client supporting real-time collaboration using the same structured conversations as the Google Wave system.
rest here