Common to them is that it's bad and unexpected ;^)

The first meaning is that the main sail is twisted in a partial uncontrolled gybe -- the boom is on a different side from the pinned top of the sail (like wing and wing with only one sail); and,

The second is a bad uncontrolled gybe with either a death roll or breach. I think (though I'm not sure) that the second use is just a misuse of the first meaning.