According to the flight instructor, the student pilot was conducting touch and go landings. During an approach to land the stall warning horn sounded and the flight instructor told the student pilot to lower the nose of the airplane. As the airplane touched down it made a sharp turn to the right and the flight instructor announced "my controls" to the student pilot. The airplane "bounced" and contacted the grass to the right of the runway. The student pilot relinquished the flight controls to the flight instructor, who attempted to regain control of the airplane and conduct a go-around. The attempt was unsuccessful; the airplane veered off the left side of the runway, traveled down an embankment and collided with a hangar, which resulted in substantial damage to the fuselage and the right wing. Neither the flight instructor nor the student pilot reported any mechanical anomalies that would have precluded normal operation prior to the accident.