Yes its possible.
Boat sails operate more like wings than like parachutes. So, if you are sailing downwind, with your sail working like a parachute. When you are going the speed of the wind, the apparent wind, as others have mentioned, would be zero, and so no force would be placed on on the sail, and so you would not accelerate any more.
However, say you are going 90 degrees to the wind. The wind blows past the sail, and generates lift, perpendicular to the direction of the wind. You can get moving faster and faster, but the apparent wind will continue blowing past the sail, and will continue exerting a force on the sail. Once the force on the sail equals the resistence from the water, the boat stops accelerating.
When you have something like an iceboat, with very little moving resistence, the boat can be going many many times the speed of the wind, but at an angle to it, and so the apparent wind blowing past the sail will continue to be present, pushing the boat along.
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