Sounds to me like you're describing two different injuries. The first one swelling around the wrist could be fracture/bone chips but probably more likely partial seperation of the head of the flexor tendons at the stopper bone junction. When it's not a wrist break it's almost always fluid draining down and gravity showing up at the wrist.

That said, that would never result in a swollen knuckle. That is almost always a dislocation or a rupture of one of the ligaments in the toe. More than likely a true dislocation after a coursing trial or run. Even once the toe is reset at the knuckle joint it will encapsulate and look a little more weird compared to the other toes but it is certainly not a show stopper in terms of a racing career.

Depending on the severity, you may need to put some elastic/tape/rubber glove to buddy tape the toe with the next major supporting one to prevent it from repeatedly popping out. At either rate, a vet visit would be in order.