raceabout

from WordNet (r) 3.0 (2006)

raceabout
    n 1: a small sloop having the keep of a knockabout but with
         finer lines and carrying more sail

from The Collaborative International Dictionary of English v.0.48

Raceabout \Race"a*bout`\ (r[=a]s"[.a]*bout`), n. (Naut.)
   A small sloop-rigged racing yacht carrying about six hundred
   square feet of sail, distinguished from a knockabout by
   having a short bowsprit.
   [Webster 1913 Suppl.]