She was indeed launched in May of 1765, but as was the practice, that was just a stripped hull. She had her masts, rigging, guns and sails added later in the year, was commissioned, then came back for refit early in the next year. This is normal because the ships kept getting bigger, and the Masts and sails weren't always the best combination for the design.
Despite being in drydock, the HMS Victory is perfectly ready and able to take to sea. She's need to flush out her crew, provision up and take on powder and shot, but otherwise, she is sea worthy. Not bad for a lady 257 years old. ^_*