High-speed hydroplane boat flips 360 degrees in spectacular crash (VIDEO)
Phipps flipped spectacularly in his boat the U-1918 Oberto Beef Jerky, flying high into the air in the first lap of the final on Lake Washington, causing the race to be stopped.
Footage of the crash shows the boat trailing in the wake of two opponents before soaring into the air and fully rotating before remarkably landing flat and slowly proceeding along the lake.
Phipps emerged unhurt from the incident, although it caused the race to be stopped and subsequently delayed.
Competitor Tom Thompson was later disqualified for not leaving a lane open for Phipps, according to the Seattle Times, while Andrew Tate went on to win the title.
H1 Unlimited hydroplanes are considered to be the fastest racing boats in the world, and can reach speeds of over 200mph (320kph).
They are around 30ft long, and the majority of boats are powered by turbine-engines that produce 3,000 horsepower.
The Albert Lee Appliance Cup has been held annually on Lake Washington since 1951, and is part of the Seafair festival.