This has a name, it's called Tide Lock, and it's actually quite common. Given enough time, orbiting bodies will enter tide lock, or spin-orbit resonance with their primary, or with one of their satellites. All the moons in the solar system are in tide lock with their planets, and Mercury is in 3:2 resonance with the Sun. Earth is slowing down, very slowly, toward tide lock with the Moon.

A world like this is going to be something like a permanent global Hurricane. The atmosphere will be cycling toward the sun at ground level, and away from it higher up, constantly, all the way around, and with great force. All the water is probably going to be locked up in ice well away from the habitable temperatures. The region of habitable temperature is therefore going to be a desert pounded by stupendous winds. Also without an ocean, there won't be enough photosynthetic life to produce oxygen.