You can send a link to your friends via email or text message (this is available in IOS 5.0 and up). The link will open up either the Google Maps app or GPS Tracks with the location marked with a pin. This can be useful to send someone a link with your current location.
To send a link to the location from any waypoint, tap on the waypoint pin on the map and select the round blue button on the right side of the pop-up view. This will bring up the Edit Waypoint view. Select the menu button on the left of the bottom tool bar. Select either "Email" or "SMS".
To send a link to the location that is saved to the device, browse to the location in the location tab or the menu at the left. Select the round blue button next to the location. This will bring up the Saved Location Detail view. Select the menu button on the right of the bottom tool bar. Select either "Email" or "SMS".