Facebook. Yeah, it’s pretty great, just two small gripes. One, I’ve lost track of the real world while stalking high school friends’ through their updates. Two, I’m tired of exercising my witty wrath upon those that repost cat photos. And do I really need to know 40+ times that Canada (only) won a gold in trampoline? Probably not.

“It’s kind of annoying, I only get [updates] about my friends,” says Wavii CEO and founder Adrian Aoun. This is exactly what Wavii was created for, and over the next few months they’re planning on making it more graphically delicious with visualizations of content.

But what exactly is Wavii? The product reads through news from all over the world, groups, and collates it like a librarian and suggests content your way based on what you like to look at. Wavii is aiming to make the real-world news as social and easily digestible as your Facebook news feed.

“Whitney [Houston] didn’t check-in to her death,” says Aoun. No one found out what had happened or how for hours after. Wavii sifts through the news and reads, rates, ranks and “understands it,” says Aoun. From there the program takes all the info and builds a single news item around their collaborative parts.

The result is a Facebook newsfeed-like item about the real world, but it also shows the instances of conflict among reports, where five sources may have one report, but four sources have an alternate story. For instance, on the launch of the new iPad, Wavii was able to announce when it was being released, as well as what its key features and main drawbacks where by scouring a variety of sources and drawing in the main topical points.

“Facebook is slowly but surely getting you to unlock a world of info about your friends,” says Aoun, who hopes to do that same with Wavii, but for the entire Web. Where Facebook lets you interact with your friends, says Aoun, Wavii lets you interact with the world. They’ve released a demo of the data they pulled from the Olympics over the past two weeks as well to highlight their Time Machine feature, which lets you “replay” the Web’s real-time activity (in this case, the Olympics) during a set period.

“If you’re on the go and want to know what’s going on, getting a visualization that helps you put it in content is pretty powerful,” says Aoun, and it lets the reader decide whether or not they want to read the news blip or not – let alone even visit the site.

Wavii aims to make partnerships over the next few months and dig deeper into the content it searches to pull up richer content that it can use to create more visualizations. As well, they’ll soon be releasing an update to their iPhone app with a richer more visually appealing interface.