Its not sailing, but this is a pretty interesting event from the Teva Mountain Games in Vail. Its called the "Eight Ball".

Heres how it works, it starts with 8 eight balls whos job it is to try and stop groups of 4 kayakers from racing down the river. After each heat of 4, the top 2 move on, and the bottom 2 become eight balls. By the time they get to the final 4, theres like 48 eight balls they have to paddle through.

Vids are on the video player: http://www.catsailor.com/VideoPlayer.html

Can we do this with Waves?