I have read several sailing articles that advocate tacking downwind to gain speed, but is it possible to exceed the wind speed in the course made good (i.e., directly downwind) direction? It sounds crazy, but a quick bout of vector analysis suggests there is no theoretical reason why this is impossible.
As a simplistic example, a wind of speed W due North and a heading of 30 deg at speed W.sqrt(3)/2 ... would create an apparent wind speed on deck of W/2 due East, which could be harnessed by a sufficiently efficient sailboat to further increase speed. Sounds like something a foiler or cat would have done by now. Or is there a reason why not?
For the most part you are correct.
The main limitation is the maximum speed the hull can handle.
Most modern yachts are capable of planing. In some conditions, it is concievable that they might actually sail faster then the wind. Especially high performance dinghies.
More traditional hulls can barely exceed "hull speed", which is somewhere in the nieghborhood of 1.34 to 1.5 times the square root of the waterline measured in feet and knots, respectively. When these hulls try to exceed this speed, the tend to be pulled down rather than be pushed up by the passing water.
Working sharpies were probably the first boats to plane (when empty, with just crew)
When I sail, I rarely sail dead down wind. I always tack. This way, the wind is on just one side of the boat and its pressure on that side keeps the boat from rolling.
I once took a guy out sailing who boatsted how tuff he was.
A four or five foot sea was running, so I steered dead downwind. The boat rolled, yawed, and pitched like a mechanical bull.
The guy got a little pale faced after that.