What's better, google chrome or google wave?

[X290]

They do different things, therefore you can't compare them.

Google Chrome is an "Internet Browser"... it browses the internet, obviously. It allows you to type site addresses and navigate through the web, going to websites such as Yahoo Answers or Google.com, or CNN.com, or whatever you look at. Heck, even Runescape.com if that's your thing.
It's similar to Internet Explorer, Mozilla Firefox, Apple Safari, Opera.....etc.

Google Wave is for communications. Think of Email, upgraded. Google Wave is a cooler, fancier version of Gmail, in a way. "Waves" are similar to email conversation, while "Ping" is simlar to internet messaging (chat such as msn). Other features are included, but those are the most important ones.
It's similar to Gmail, Microsoft Outlook Express, Hotmail, Yahoo, also combined with something similar to MSN Messenger or Skype.

Now think of it like this if you're still confused:
You can open up Chrome and go to "https://wave.google.com/" to get to Wave, but not the other way around.

For further reading, go to:
Email Clients: http://en.wikipedia.org/wiki/E-mail_client
Web Browsers: http://en.wikipedia.org/wiki/Web_browser