The last sailing-warfare game I liked was Man O' War II.
http://www.gamespot.com/pc/strategy/...%3Bread-review
The point-of-view was first-person from the poop-deck of your own ship. There was a real-time map to help you keep abreast of the action, which helped because you couldn't always tell exactly what was going on.
It was limited but fun for awhile.