[1] Horacio represented Uruguay in the Seoul 1988 Summer Olympics together with Luis Chiaparro and Heber Ansorena, sailing in the Soling Class.

He is still the Design Coordinator of Luna Rossa Prada Pirelli's team and is currently participating in the 37th edition of the America's Cup in Barcelona, Spain.

In 2022 the Luna Rossa Prada Pirelli, chaired by Patrizio Bertelli, with Max Sirena as Team Director and Skipper, and Horacio as Design Coordinator, won the Foiling awards at the Museum of Science and Technology Leonardo Da Vinci in Milán.

Horacio Carabelli participated in the 1988 Summer Olympic Games held in Seoul, South Korea, and obtained the 16th place together with crew members Luis Chiaparro and Heber Ansorena.

After hard work, great enthusiasm and commitment throughout the race, the team established a new world record on the Volvo Ocean 70 class.

"[7] During the 2005–06 Volvo Ocean Race Horacio Carabelli obtained the third place[8] on board of the Brasil 1 vessel commanded by the skipper Torben Grael together with Alan Adler, André Fonseca, Andy Meiklejohn, Joca Signorini, Kiko Pellicano, Knud Frostad, Marcel Van Triest, Marcelo Ferreira, Roberto Bermúdez and Stuart Wilson.

[12] In the Volvo Ocean Race 2011–12 edition Horacio was the Technical Director[13] of Team Telefónica with Skipper Iker Martínez and the following crew: Andrew Cape, Xabi Fernández, Neal McDonald, Pepe Ribes, Jordi Calafat, Joao Signorini, Pablo Arrarte, Antonio Cuervas-Mons, Zane Gills and Diego Fructuoso.

In the 2013 edition which was held in San Francisco, California, United States of America, he was the Wing Project Manager for the Swedish team Artemis.

In 1999 his team – with Horacio as a skipper – obtained the first place at the IMS Brazilian Championship held in Ilhabela, São Paulo, Brazil in the Vmax4, ILC25.