After you get established, then do a search for "with:public google I/O" you will see Gina Trapani's public wave of the Google Conference. Just watch and see how Wave works, with simultaneous comment streams at once and live updating.
The best time to lurk is during the keynote and today's starts at 8:30 AM PST or 11:30 AM Eastern Time.
Have fun, but be forewarned, some of the Wave Followers are no longer tolerant of newbie questions, so as they say, first RTFM.
UPDATE: follow the link to the live -wave
