I tried to do it myself and you pretty much have to write your own textarea implementation in Javascript. Wave as an idea is good. As a protocol I think is horrible for Javascript because either implementing the straight server-to-server spec is impossible on a regular textarea, or you need a beefy enough server to parse full-text states between keys for X many users.
While Wave is a good idea, and the hype is justified for a closed system, implementing it on your own system requires a deep, DEEP knowledge of Javascript.
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[ 3.4 ms ] story [ 27.0 ms ] threadPerhaps someday.
I'm interested enough in Wave to consider reverse-engineering that portion. I think there are some once-in-a-lifetime opportunities here...
And yep, some people can't wait so here is a server implementation (Python/Django):
http://code.google.com/p/pygowave-server/
"Yes! The plan is to release a reference implementation of the client, as well as the server. "
While Wave is a good idea, and the hype is justified for a closed system, implementing it on your own system requires a deep, DEEP knowledge of Javascript.