I think you'll find this video a bit scary. I know Marc(the driver who's screaming) and Scotty did. The Cintron boat had a problem and almost hit Miss Geico's transom at 160mph.

The beeps you hear are one of Geico's turbines starting to overheat.
The second clip shows Miss Geico being pushed wide close to the spectator docks at about the same speed. Then the overheating turbine finally shuts down and the steering goes with it.
This was at the St. Cloud, Fl race April this year.
http://www.youtube.com/watch?v=fiRuB2i0aW0