In nautical parlance it means you have so much sail on your boat while tracking across the wind you are on the verge of tipping over.
Sorry, this is wrong.
As a life long sailor and keelboat owner, the term "sail too close to the wind" means to point the boat too much into the direction of the apparent wind, thus depriving yourself of both boat speed and then rudder control. Continuing to point this high means your sails will shortly be flapping uselessly. The term gets used in idiomatic circumstances to describe someone/something that is dangerously veering towards a course of action that may have dire consequences. Aptly used by King.
Mike, you are describing a beam or close reach with too much sail. Kinda fun but you'll be faster with a reef or two in the sails.
