It's perfectly legitimate usage:
quote:
1. (of a ship, boat, etc.) to fill with water and sink.
2. to fall or sink down, as buildings, ground, etc.: Built on a former lake bed, the building has foundered nearly ten feet.
3. to become wrecked; fail utterly: The project foundered because public support was lacking.
4. to stumble, break down, or go lame, as a horse: His mount foundered on the rocky path.
Jim