Check out RiverRat. It's an attempt by a group of MIT students to build a "lightweight, robust, real-time, tracking system for up to 30 boats". The idea is to make college sailboat racing more interesting for spectators and also to allow for post-race analysis.
The system seems like a small-scale version of Virtual Spectator as now being applied to the Volvo Ocean Race. But it's not clear from this website what actually happened to the project. The team built some prototypes and did some testing but after that the record, at least on their website, peters out.
Now if we had this system for Laser frostbiting I could really see all the different ways I screwed up on Sunday!