i think the biggest question is - where do you want to sail it? in a lake? on a river? in the ocean?
how many passengers do you want to carry? just big enough for you and a friend? or big enough to take a family out for a sail?
the guys on Mythbusters built a functional sailboat using duct tape and a metal frame so it's definitely not an impossible feat. either way i'd definitely be interested in seeing and reading your progress on this endeavor. good luck