Google claims it’s newest product called Wave is all set to rewire email and chatting.

Wave is a web-based application that puts together multiple forms of communication and collaboration, including chat, mail and wikis, into a unified interface.

Everything inside Wave happens in real time: You can even see a comment being made as the person is typing it, character-by-character.

How it will eventually be useful to all of us will be revealed in another two months when Google launches it’s beta version.