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As a sailor, this is very interesting. I am trying to figure out exactly what is going on, but whatever it is, it isn’t good.
For one thing, the jib is backwinding, which is not something you do on purpose and the boat is heeled so far that they seem to be almost broaching (could just be a wave though). I think a wave has forced their sails to being by-the-lee, which backwinded the jib and might be about to crash jibe the main, which would force them into a full broach and might even knock a couple heads off.
edit: [here’s](http://olyeats.files.wordpress.com/2013/05/10583072-daf46b.jpg) a boat in a similar situation, without the backwinded jenny.