Found this on a quick google search. I think it answers the question. Sailboats generally have the right of way unless they are under power.

Also, there is a new state law that will eventually require all boaters to pass a boating course. If you are a boater, I'd suggest you find one in your area and get it over with. The upside is that your insurance company may give you a break on your boat insurance. The US Power Boat Squadrons and USCG Auxiliary offer approved courses.
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How to Use Navigation Rules to Avoid Boating Collisions

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The Inland Navigation Rules help ensure that two boats do not collide on the water - much as rules for driving a car do on land. The U.S. Coast Guard enforces these rules on waters connected with the Atlantic or Pacific Oceans, or the Gulf of Mexico.


General Right-of-Way Rules

Steps:
1. Yield the right-of-way to divers in every case.

2. Look for vessels with the international code flag "A" or alpha, either red and white or blue and white, which indicates the presence of divers in the area.

3. If you are on a sailboat, assume the right-of-way over all powerboats, except when you are overtaking another boat.

4. Give way to commercial fishing boats or large ships in narrow channels or confined areas.


Warnings:
Large ships are prone to a "blind spot" that can stretch for hundreds of feet in front of them. Such ships have a longer stopping distance, move with deceptive speed, and can block your wind from a long distance making it difficult for you to maneuver.

Larger ships can also cause turbulent waters that might toss your boat around. Approach carefully in all cases.

Two Sailboats

Steps:
1. Yield the right-of-way to a boat on starboard tack if your boat is on port tack.

2. Yield the right-of-way to a leeward boat if you are windward and on the same tack.

3. Yield the right-of-way to a boat that is ahead if you are an overtaking boat or are otherwise astern.

4. Yield the right-of-way to a moving boat if you are coming about or jibing.


Two Powerboats

Steps:
1. Pass port side to port side.

2. Yield the right-of-way to the boat on port side if you are on the starboard side and you must cross paths. To keep clear, alter your course and pass astern, or slow down until the other boat passes.

3. Yield the right-of-way to the boat ahead if you're an overtaking boat.


Tips:
These rules also apply to sailboats running under an engine.


Tips from eHow Users:
All must take responsibility
No boat ever has a right of way, and all boats have the responsibility to avoid collision (even if it necessitates breaking the rules.
Sailboats are the stand-on vessel over a powered vessel with the responsibility to maintain course and speed only when it is under wind power. When sailboats are motoring they have the exact same status as any other power boat of its class and size.
Sailboats must yield to other vessels in many circumstances (i.e. narrow channels, shallow water etc.) and yield to many other types of vessels, such as; large power vessels with limited maneuverability, fishing operations (not a sport fisher), vessels in tow, and others.