As I understand it a displacement hull is limited by the length of its hull. On a sailboat I would assume that a modern fin keel would come close to this speed limit whereas a traditional full keel sail boat would fall significantly short of this maximum speed.
Let me clarify the definition of Hull Speed. This is a concept that is founded in the power to speed ratio. Hull Speed is defined by a formula: 1.34 times the square root of the waterline length.
This is what it is in feet of length and knots of speed. This number represents the point considered to be that moment when the application of more power begins to translate less and less into speed. Any boat (including sailboats new or old) should be able to exceed Hull Speed. Hull Speed is not a limitation. It's also not theoretical, it's a definition.
The reason the formula is based upon the waterline length is because, as a boat starts to move through the water, displacing the water ahead and leaving a hole in the water to be filled behind, waves begin to form along the length of the hull, the wake. The bow piles the water high, which then races aft and forms a trough after which it then builds to another wave peak. At low speed, multiple wakes ripple along the hull. Increase the speed and the wave length of these wakes increase so there are less waves along the waterline. Eventually, the boat can go fast enough that the wave length of the wake is equal to the waterline length. This is Hull Speed. Different Hull shapes and weights achieve this more or less easily.
The boat can still be pushed beyond this point and they do so all the time. However, once the wavelength starts to get longer than the waterline, the stern begins to drop into the trough of the wake. This creates a condition where the boat is not only trying to overcome friction, but also gravity because the boat is essentially trying to drive up hill. You have felt it on a planing boat just before climbing to the top of the wave and up onto a plane.
A full keeled boat can and usually does reach the same Hull Speed as a fin keeled boat. Each has other advantages to consider. Under sail, Hull Speed can be changed through design. The old 12 meter race boats were built with lots of over-hang that goes into the water under sail, effectively increasing the Hull Speed by increasing the waterline length as she heels. They did this to meet a racing boat measurement limitation while trying to take advantage of this concept.
Hull Speed is often used by sailors as a standard to sail to. If they can't achieve Hull Speed, they consider their trim and sailing conditions inefficient. The other useful application is when calculating what auxiliary power to use. Hull Speed is the maximum efficiency at the calculated speed, so it makes sense not to over power your boat as it often just wastes energy with less and less return.
-Will