Google (GOOG, $340.25, up $1.72) is set to unveil its updated Google Earth in a few hours and Wall Street is eagerly awaiting the update. The Google Earth mapping software is one of the most popular free downloads available but what the new Google Earth will soon be able to do will blow your mind.

The updated version will allow you to explore ocean floors and shipwrecks (neat, huh) and other favorite underwater sites. The new capabilities are sure to be a hit with explorers, researchers and other activists but more importantly it may open a slew of opportunities for Google to receive licensing or revenue fees.

With over 400 million users and growing, expect this to be big news today. The February 370 calls (GGDBN, $2.30, up $0.05) could be good for a one or two day trade.

Rick Rouse