1932 Summer Olympics swimming

The transcript describes a competitive scene, possibly a race, with initial observations, dynamics of the race, and preparation for a turn. It highlights close competition between participants, mentioning specific names and concluding with a final move, a full gainer somersault.

What does the phrase 'making a slight lead in the first 25 meters' imply?

What does the speaker mean by 'I can get out of it if it's very close'?