It's another way of saying "it's too late for that". Just like you can't get onto a ship that has already left the harbor.
It might be, to mean having sails (a sailed ship), or to mean thrown (a sailed stone). Sailed is the past tense and past participle of the verb to sail, so is usually a verb form.
He sailed by ship.
The tattered and worn ship sailed into the bay.
The Mayflower was the name of the ship that the Pilgrims sailed on. The Ship, before the Pilgrims' Voyage, was used predominantly as a cargo ship.
He sailed on Saint JUlien
he sailed on the Sao Gabriel
Sailed by ship
The Speedwell ship was a ship that sailed with the Mayflower in 1620.
Precanon he sailed on the Walrus with Flint but in the book he sailed on the Hispaniola.
The Mayfair
Mayflower
The Beagle