Q :( Would you install Google Wave?
A ): NO. Google Wave is in Beta Testing. If you have the time and patience you can learn more about Google Wave by clicking on the LINK below and watching the One Hour and 20 Minute Video, I did, I was bored. If you are a programmer / developer - Google has invited you to join in the development. I personally don't expect it to be ready for at least six months for the general public and it will probably still have bugs even then.
For those who are curious, Google Wave is suppose to be a combination conversation tool and document. Personally I can get this by using my Google Blog and Twitter. The demo doesn't mention anything about video conferencing. If you really need something for work and have multiple locations, you can use SKYPE for Free. It's a Video Chat program with conference features; and you can type IMs at the same time.
Here in the LINK:
About Google Wave
Note - This is just my opinion, try it yourself if you want, or just watch the video. You can also check out what others are saying who have tried it.
I hope this was helpful.
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