Source : Webster's Revised Unabridged Dictionary (1913)

Founder \Found"er\, v. i. [imp. & p. p. {Foundered}; p. pr. &
   vb. n. {Foundering}.] [OF. fondrer to fall in, cf. F.
   s'effondrer, fr. fond bottom, L. fundus. See {Found} to
   establish.]
   1. (Naut.) To become filled with water, and sink, as a ship.

   2. To fall; to stumble and go lame, as a horse.

            For which his horse fear['e] gan to turn, And leep
            aside, and foundrede as he leep.      --Chaucer.

   3. To fail; to miscarry. ``All his tricks founder.'' --Shak.

Source : WordNet®

foundering
     n : (of a ship) sinking [syn: {going under}]