Wordnet 3.0
NOUN (1)
1.
a small sloop having the keep of a knockabout but with finer lines and carrying more sail;
The Collaborative International Dictionary of English v.0.48:
Raceabout \Race"a*bout`\ (r[=a]s"[.a]*bout`), n. (Naut.)
A small sloop-rigged racing yacht carrying about six hundred
square feet of sail, distinguished from a knockabout by
having a short bowsprit.
[Webster 1913 Suppl.]
WordNet (r) 3.0 (2006):
raceabout
n 1: a small sloop having the keep of a knockabout but with
finer lines and carrying more sail