This is an experiment - after a bit more Googling than I would have liked. Let's see if it works. If it does, below you should see a wave I've been working on. Content-wise, it's nothing to write home about. But if it works, I'll try and post something more useful in a minute.
Update: didn't work. :-(
Further update: twenty minutes later - ah, but maybe it did after all. :-)
Or, at least, I can now see the wave in question at the following site I've just created using the Google Apps website tools Labour Wave functions with. The issue is whether you can see it as well. I've made the page public but I'm not certain of the myriad of permissions that these systems generate amongst each other.
Next thing is to try embedding on Blogger itself, rather than a separate webpage.
Aha. The updates flood in. I've just tried to access the page I've set up with my embedded wave using a different browser and not logging in to Google. It doesn't allow me to see the wave and asks me to log in first. But the gadget exists and embedding in webpages is possible.