Here's the straight dope
Hull speed depends only on waterline length, LWL. It is DEFINED as the speed of a wave whose length equals the waterline length of a vessel. As a matter of physics, this is K*sqrt(LWL). For DWL measured in feet, gravity at the earth's surface, and the properties of water, K is about 1.34.Hull speed is NOT a maximum speed for your vessel. Some sailboats never will reach hull speed. Others regularly exceed it. Most of the wrong answers below confuse hull speed with velocity prediction.To maintain a particular speed through water, a vessel must have enough propulsive force to overcome several forms of resistance, including one form called wave resistance. Wave resistance grows non-linearly, and its curve has a knee upwards near hull speed, for most hull shapes. The intuitive explanation for this is that at or after hull speed, the vessel must "climb up" its bow wave, while at hull speed it sits between its bow and quarter waves. Note that skinny hulls don't do so much "climbing up," which is why a well designed catamaran can sail significantly beyond its hull speed. (Almost all catamarans use displacement hulls, and their speed does NOT come from planing.)There are other forms of resistance; racers sand their bottoms for a reason. The propulsive force generated by a sailboat depends on windspeed and angle, and on the sailboat's rig, stability, quality of sails, and skill of its crew. Sailboats suffer leeway, countered by their keel. There are velocity prediction programs that will calculate theoretical polars for a sailboat. The better ones require significant design information, including hull shape, keel shape, center of gravity, and sailplan.