I used to think of publishing a new module "Drubot" on behalf of Ethos Technologies at first, but it's still in early stage, and seems here's a better place to discuss and merge. :)
see http://drupal.org/node/580966 for code.
Note that Drubot is not working alone, but with a google wave robot, will give the robot code repo url later. :)
Some descriptions copied here for your convenience:
Drubot is a content publishing system, we can discuss, edit and publish all content collaboratively through Waves. Note that it isn't using Iframe embeded way so far, but by wave robot through a command to publish to drupal site, and verify the user before it's published.
our future plan is to:
1. Enable drupal and wave two direction update.
2. Make drupal comments available on wave, and versa vise.
3. Build up our own wave server.
4. ...