Emirates. What's with the "dial down"? I never heard of it before.
This only applies in the match racing rulebook - but if the two boats are close and on opposite tacks coming into a mark to be rounded to starboard (match racing!), a starboard boat will have to tack again onto port to make the mark while port ~might~ be able to lay. Starboard would have a bit of a disadvantage under the normal rules (largely due to the starboard rounding). SO...in match racing, if port is having to duck starboard, starboard is allowed to dial down and "hunt" the port boat making them have to dive deeper or tack away. Starboard can't constantly turn down though, they have to drop to some angle below close hauled and hold that course (I'm not sure how long, how early, etc.). The is a call the port boat has to make very early approaching the situation and if they get it wrong, they get a penalty.
This came into play in the last race of the 32nd America's cup (which was a very dramatic race). New Zealand was on the left and fast but couldn't quite get clear of Alinghi when they would come back to the middle. Alinghi dialed them down coming into the top mark. New Zealand tried to duck but didn't get it done. Alinghi had to change course to avoid New Zealand and NZ was hit with a penalty (360 turn). New Zealand managed to pass Alinghi on the last downwind leg and then it got weird. The wind shifted 180 degrees and NZ was ready for it - Alinghi seemed to already be dreaming of champagne and when the shift hit them, it blew their kite back, broke the spin pole and made a general mess of the deck. New Zealand jumped to a lead and started to do their penalty turn just before the finish line...but they did it just a little too early and finished their turn with a little more than a boat length to the line with very little breeze and very little momentum. Alinghi crawled forward with momentum and beat them across the line by a foot or two. It was gut wrenching.