Upon reading briefly through the draft of Wave's protocol, it's apparent that XMPP Core is used for the server/proxy. I am a bit unfamiliar with XMPP, so I had a few unanswered questions.
Their protocol uses some custom iq/request, iq/delta, iq/error, etc. XML markups. What I'm interested in doing is setting up my own Wave server (independent of a client) and see if I can get a working system out of the draft.
So, does anyone have a good starting point for this project? I thought about djabberd (as it self-proclaims itself as extensible): http://www.danga.com/djabberd/
http://xmpp.org/rfcs/
Check the bottom of : http://www.ietf.org/rfc/rfc3920.txt
If you like to look at full products using the standard take a look at OpenFire; http://en.wikipedia.org/wiki/Openfire
It has most of the standards implemented and is open.
Then when you want to whip out a prototype in a few hours or minutes dig in with some python: http://xmpppy.sourceforge.net/