Courageous, the two-time winner of the America’s Cup, has been rebuilt and is sailing the waters off Newport, R.I., perhaps in finer shape than ever before. The 12-meter vessel was designed by Olin J. Stephens and sailed to success in 1974 and 1977. Courageous was sailed by Dennis Conner, Ted Hood and Ted Turner, among others. Bob Hood, Ted Hood’s son, who managed the refit for Hinckley Yacht Services of Portsmouth, R.I., said the boat was rebuilt almost exactly to its original specifications, with the exception of the deck layout, which reportedly made sail-handling awkward. Courageous, launched July 27, is now the official state yacht of Rhode Island.