GIBSON ISLAND, MD., AUG. 30 -- The three-day J-22 World Championships ended in heated dispute today as Annapolis's Jim Brady swept to his third major title this summer.

Brady, 26, who won the prestigious J-24 Worlds in Dublin in July and was individual winner of Kiel Week in Germany in June, crossed the line the second of 60 boats in today's final race, giving him a series record of 2-2-3-3-4-5.

That was enough for Brady to win the title in this first edition of the J-22 Worlds. Brady's nearest rival, Brad Read of Newport, R.I., finished two places back in fourth.

"We needed to put one boat between us and Read" for the overall victory, said Brady.

But the race ended in loud debate and the result was uncertain as the two crews berated each other across the water. Final word on the winner awaited a hearing on Read's protest that Brady had failed to sail a proper course to the finish. The protest was later disallowed.

Brady held off crossing the finish line when he got there second, instead lying in wait for Read and his two-man crew, who were 100 yards back in a pack of four boats. Brady sailed downwind, closed in on Read, and held back Read's boat until one of the others in the pack finished, assuring the two-boat separation Brady needed.

Read was bitterly disappointed; his crew and Brady's shouted at each other and both boats hoisted red protest flags. Only Read protested formally, delaying final word on the winner until after the hearing, which was decided in Brady's favor.

Veteran Annapolis sailor Mike Hobson had said he saw little hope for victory for Read in the protest room.

"It's fair game, what Jim did," said Hobson, who sails with Brady aboard the Ultimate 30 racer, Maryland Flyer.

The dispute marked an unfortunate conclusion to an otherwise successful regatta.

Victory in the J-22 Worlds added another bright feather in the cap of Brady, who moved to Maryland from Florida in March and has been close to unstoppable in competition since.

He won the J-24 Worlds over Brad Read's brother, Ken, by nine points, a big margin in the highly competitive class. The victory followed a J-24 victory in Kiel Week, followed by overall winning skipper among 400 at Kiel in a series of match races in J-22s following the fleet championships.

He won the J-24 European championships, finishing 1-1-1-1-2 in the races.

Crewing for Kevin Mahaney of Bangor, Maine in the Soling World championships in Holland this month, Brady's boat was second by just three-tenths of a point.

Said Brady, "If you'd told me six months ago that we'd do this well this year, I wouldn't have believed it."

His goal now is to gear up a campaign for Olympic gold with Mahaney in the 1992 Games at Barcelona.

"We've been ranked No. 1 Soling since 1988," he said. "We're going for it." FINAL RESULTS

1, Jim Brady, Annapolis; 2, Brad Read, Newport, R.I.; 3, Jay Lutz; 4 Palmer Henson/David Pritchard; 5, Wally Corwin/Steve Cucchiaro; 6, Ian Ainslie, South Africa.