THE AIRPLANE WAS OBSERVED IN A LOW PASS OVER THE RUNWAY AT HIGH SPEED WITH THE GEAR RETRACTED. A STEP-DOWN DESCENT WAS MADE AS IT FLEW ALONG THE LENGTH OF THE RUNWAY. WHEN IT WAS ABOUT 1000 FEET FROM THE DEPARTURE END, THE PROPELLER CONTACTED THE RUNWAY. THE AIRPLANE WAS THEN 'PULLED UP' IN A CLIMB. AFTER CLIMBING ABOUT 400 FEET, IT ROLLED RIGHT, ENTERED A DESCENT & CRASHED. A FIRE BEGAN AFTER IMPACT. WITNESSES & A WRECKAGE EXAMINATION INDICATED THAT THE ENGINE WAS OPERATING AT THE TIME OF IMPACT. NO PREIMPACT MECHANICAL PROBLEM WAS FOUND.