You won’t be able to correct your Freudian slips anymore while chatting, Engadget reports from I/O that Google’s prepping a soon to be in the labs chat product called “Wave” that updates live as you type. The ever-so-familiar “Insert screen name here is typing…” will be a thing of the past…well, unless you click on the draft option that disables the live streaming.

It seems like their gearing this toward online collaboration rather than regular everyday chatting with its real-time translation, document sharing with on-the-fly editing and “track changes”-like playback mode that lets you view the chat evolution and document edits dynamically.

Other than your standard browser, Wave will be made available for the Android and iPhone platforms.

Expect some good mashups once its released because it will be an open protocol.  Get a preview or get alerted when its ready here.