The application of Computational Fluid Dynamics simulations based on the Reynolds Averaged Navier- Stokes (RANS) equations to the design of sailing yachts is becoming more commonplace, particularly for the America's Cup. Drawing on the experience of the Ecole Polytechnique Fédérale de Lausanne as Official Scientific Advisor to the Alinghi Challenge for the America’s Cup 2003, the role of RANS-based codes in the yacht design process is discussed. The strategy for simulating the hydrodynamic flow around the boat appendages is presented. Two different numerical methods for the simulation of wave generation on the water surface are compared. In addition, the aerodynamic flow around different sail configurations is investigated. The benefits to the design process as well as its limitations are discussed. Practical matters, such as manpower and computational requirements, are also considered.