Google Wave and Google Buzz are two new tools that Google launched.
Google Wave
Google Wave is a real-time communication and collaboration tool that will change the way we do business very soon. Right now you need an invitation to start using the tool but you can request one from here.
This video will show you what you can do with Google Wave.

Google Buzz
Google Buzz is a new social networking “site” that is integrated within Gmail. You can share updates, videos, photos and links. Google Buzz integrates with Twitter, Picassa, Flickr and Google Reader. This is a great short video that will show you everything you need to know about Google Buzz.