Final answer:
The groove between the temporal lobe and parietal lobe is called the lateral sulcus, which separates two regions critical for auditory processing, memory formation, and somatosensory information.
Step-by-step explanation:
The groove located between the temporal lobe and the parietal lobe of the brain is known as the lateral sulcus (also called Sylvian fissure). This prominent structure delineates the boundary between these two lobes. The temporal lobe is primarily involved in auditory processing and memory formation, notably featuring structures like the auditory cortex and the hippocampus. The temporal lobe's significance in memory was highlighted by the studies of patient HM, who, after hippocampal removal, could no longer form new memories. Conversely, the parietal lobe is involved in processing somatosensory information and proprioception, with a particular role in speech and reading.