(2) Can also be used in the general sense meaning to suck or to lose.
(3) To remove something's momentum (usually in combination with "out of their sails").
(4) A negative dismissal in the tradition of fuck off or go to hell, but without the obscenity.
(2) This traffic sucks wind.
(3) He was going to go straight down into the avalanche zone for the camera, but the ski patrol guy sucked the wind right out of his sails.
(4) Oh yeah? Well, tell them to go suck wind.
2. To lose any chance of winning after a certain point.
2. A: How do you think you'll do in that 5 mile race? B: Crappy - after 3 miles, I'm useless, I just suck wind.