Team NZ lost a crewman overboard in race three

The Kiwis won by 25 seconds after a host of lead changes and despite briefly losing a crewman overboard.

Alinghi won the pre-start but trailed at the first mark, while a poor Kiwi spinnaker drop at halfway let the Swiss back in to set up a tense finish.

The fourth race in the best-of-nine series is scheduled for Wednesday.

"There was certainly a bit of dice-rolling," said Team New Zealand strategist Ray Davies said in reference to the flukey wind and rolling sea conditions that led to the start of the race being delayed by two hours.

Alinghi's on-board billionaire backer Ernesto Bertarelli added: "Welcome to Las Vegas, are you playing red or black?.

"Today the wind was never really stable, it varied by 20 degrees.

You could play tiddlywinks today and have the same result, just toss the coin - we should have stayed ashore Alinghi crewman Dean Phipps

"But I really enjoyed myself. We sailed very well to come back from so far behind. After the start, which was good, there was a shift of 20 degrees while our weather team had given us a stable situation."

Alinghi led off the line in light, shifting airs as Team New Zealand protected the right-hand side but the Kiwis fought back to lead by one minute 23 seconds at the first mark.

The Kiwis maintained their advantage on the first downwind leg but made a hash of their spinnaker drop and watched in horror as midbowman Richard Meacham slipped overboard before scrambling back on in one movement.

Alinghi crept back into the race up the third leg and beat the challengers around the final marker by 15 seconds.

New Zealand split to the left and the lead changed three times before the Kiwis won the drag race to the line.

Alinghi crewman Dean Phipps said: "We worked for four years and were looking forward to a good, even boat race.

"I guess you could play tiddlywinks today and have the same result, just toss the coin. We should have stayed ashore, I guess.

"We've got a fight. We'll roll out tomorrow (Wednesday) and keep punching.

"We're all very tight, we've all been in this game a while and we know what to expect. I don't think there's any chinks there. "We'll keep plugging away at these boys and take the shifts and keep working at it."