Google Wave can be easily embedded into blog post.
Here I will explain about embedding the Wave into a blogger blog (i-e blogspot.com).
First, you have to get the Wave ID of your wave.
This article will explain the steps for getting the Wave ID.
And, then we need to specify the below code in our post.
<div id="wave_<wave_id>" ></div>
You can follow the steps/code specified in this blog post for embedding the Wave.
I have created one public wave. Wave ID for this wave is "VkPxeecSL". I have embedded this wave below.
If you logged in with your activated Google wave account you will see the the embebbed wave saying "Testing public wave creation". Others won't see the embedded wave, instead they may see some default message/video from Google Wave.