8 sailors per heat
64 sailors in a full elimination round.
Sailors ranked 33-64 race in heats 1-4
Top four sailors in each heat progress to heats 5-8 where they meet the sailors ranked 17-32
Again the top 4 sailors in each heat progress to heats 9-12 where they meet the top 16 ranked sailors.
Quarter finals
Semi finals
Losers final (bottom four in each semi)
Winners final (top four in each semi)
1st place scores 0.5
16th place scores 16 points
I think it's then broken down to which heat you made it to.

Since there are only 4 in the winners final of you finished 5th you would be a loser

Yeah sorry Sean - 0.7

They changed the format this year so the bottom ranked sailors have more sailing time and chance to advance.
If you're in the bottom ranked half of the draw you have to finish in the first 4 of your heats 5 times to reach the winners final.
It then comes down to the last race.
So yes technically you can win every race up to the winners final and lose the final and get 8th place.
Weather permitting they'll run multiple elimination rounds.

www.pwaworldtour.com/index.php?id=1373

Have you seen kitesurfers racing??? It looks like a ball of string and they all fall down.