What is Google Wave? Can I make Money with It?

I can't say exactly what Google Wave is yet since it is still being developed. However, a Google Wave is live which means concurrent, real-time, collaboration between users. I see a couple of immediate applications for traditional businesses:

1. Virtual Offices: Employees are at remote locations (maybe their homes) and are able to communicate in real-time via a Google via. Much like Instant Messenger but without the confusion and akwardness of messages passing each other in the ether of the web. Think faster, more precise communication that will replace dozens of emails.
2. Documentation of Discussions/Decisions: Ever have a recurring discussion at your office? I certainly have. A a problem is identified or path forward must be chosen. It is clear to everyone but there are several good arguments for at least a couple of the choices you have. You get together for several meetings, teleconferences, and maybe pass a few memos around. When it is all said and done a decision is made, the logic is clear - even if the decision lacks unanimous agreement, the logic is sound - and everyone goes on about their business. A year later someone asks why'd we do it this way again? And we start all over again.

On Google's site about waves, it appears that the wave platform will incorporate a dashboard for immediate access to instant messaging, email, and additional functions like photos. Additionally the instant messaging function appears to allow several people to contribute simultaneously (but this is a guess based on one of their images).

I'm sure that there will dozens of ways to make money with Google wave when it is finally released.  The most obvious to me appears to be extensions for Google wave.  The about page from Google shows a chess application.  Google's iGoogle pages have a lot of widgets.  Some examples are Quote of the day, Stocks Tickers, and Weather widgets.  People made money with these widgets by promoting products as well as incorporating Google AdSense.

I see extensions for Google Wave in much the same light as I do apps for the iPhone or G1.  There is a captive market out there who likes the tool and uses the tool daily.  Siphon off a small fraction of that traffic for your business and you can make a respectable income.

So the question in my mind isn't "Can you make money with Google Wave?" but rather "What extensions to Google Wave can I get built cheaply?"  If you pay $500 to get an extension built for you and incorporate AdSense into it then you've only risked $500 and a couple of weeks for development and marketing tasks.  The risk is small in business terms and if you're lucky maybe that extension will return $50 or $100 a day.  You won't get rich from AdSense on just one extension but it's a good start.