It means, to make swift progress to victory, like a ship with sails wetted in order to keep close to the wind. It is most often heard in sporting events, like Rugby, cricket, and in Britain, in racing, and means a team, or a horse, stormed home to victory.
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The phrase "coming home with a wet sail" originates from sailing jargon and refers to a boat that is returning to port with its sail still wet from the journey. Metaphorically, it is used to describe someone who is achieving success or making progress towards a goal. The phrase implies that the individual is finishing strong and with momentum.