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Technological innovations and proliferation of World Wide Web-mediated learning and teaching are creating ever new opportunities for enacting, conceptualising, designing and facilitating collaborative learning. By enabling social interactions via an electronic medium, unrestrained by space, time and pace, web technologies actually expand and transform the social interaction space of collaborative learning. Students can work together, achieve shared understanding, and cooperatively solve problems in the new Web-mediated environment. While numerous studies have addressed the comparative advantages and disadvantages of computer supported or technologically mediated learning versus traditional, face-to-face learning environments there has been little interest in understanding the learning processes from within these environments. This paper explores collaborative learning viewed from the social interaction processes. More specifically, the paper applies a communicative model of collaborative learning to make sense of students’ interactions in an undergraduate management subject taught in a combined face-to-face and web-mediated mode. This model provides a methodological instrument for the analysis of communicative practices in concrete learning processes. By analysing the empirical data from linguistic interactions among students, the paper investigates not only what these interactions mean but also what they produce in a particular learning situation and how they affect learning. In particular, the paper investigates processes of cooperative meaning-making, co-construction of knowledge and student self realisation.