Sorry, I'm no expert, but basically the team that wins the cup represents a country, and that country is the host for the next race series. Switzerland won it from New Zealand last time, and since Switzerland has no coastal water, they chose to race in Valencia, Spain for 2007 but they have choosen Ras al-Khairmah in UAE for the 2010 event. When we (the USA) had the cup for those 134 years or whatever it was, we had it off NY, I believe, since the NYYC was the club that had won it the first time. Many of the people involved, however, were from San Diego, and so when Dennis Conner lost it to Australia and then won it back, he brought the cup back not to NY but to SD. That's where he lost it again, to NZ, and it's been gone ever since. NZ had it in Auckland, because that's the "City of Sails" due to the harbor practically made for it... in other words, the NZ people decided that's where they wanted to have it.
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The America's Cup is a race between sailing vessels.
2002
Not sure about football but in mountain biking the world cup is a multiple race competition where points are awarded for each race and the competitor with the most points at the end is the winner. In contrast a world championship consists of a single race.
Johannesburg, south Africa
that would be the Australian horse race known as the Melbourne Cup ( the race that stops a nation) Estimated viewing audience world-wide is over 100,000,000 people