C172 PLT AND INSTRUCTOR HAVE A RWY EXCURSION AT ISZ.

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THE AWOS AT ISZ WAS OTS BUT VIEW OF THE WIND SOCK AND WX AT NEARBY LUK WAS CONSISTENT WITH A STRONG WIND FROM THE NE. ISZ TFC WAS USING RWY 6; AND I INFORMED THE CFI THAT I WOULD BE DOING A L DOWNWIND RWY 6 FOR LNDG. SHE AGREED; BUT THEN SAID WE WERE GOING TO DO A SIMULATED ENG OUT AND EXPRESS INTEREST IF WE COULD MAKE IT TO THE ARPT FROM OUR PRESENT POS. SHE INSTRUCTED ME TO PULL THE PWR OUT; WHICH I DID; AND THEN GLIDED AT VX SPD TO RWY 24. THERE WAS TFC 3 MI OUT FOR RWY 6; WHILE WE WERE ON A 1 MI FINAL FOR RWY 24. THE CFI TOLD THE OTHER ACFT THAT WE WOULD EXIT THE RWY BY THE TIME THEY ARRIVED. AS WE APCHED THE RWY; IT BECAME APPARENT TO ME THAT WE WERE NOT FLYING A STABILIZED APCH DUE TO THE MASSIVE TAILWIND. ABOUT 1/2 WAY DOWN RWY 24; I TOLD THE CFI 'WE ARE NOT GOING TO MAKE IT.' AFTER I TOLD HER THAT; SHE TOOK THE CTLS AND SLIPPED THE AIRPLANE DOWN FROM ABOUT 50 FT AGL TO JUST ABOVE THE RWY SURFACE WHERE WE ENTERED GND EFFECT EXCLAIMING THAT SHE 'WAS GOING TO HELP ME GET IT DOWN.' OUR AIRSPD WAS APPROX 15 KTS TOO FAST AS WE TOUCHED DOWN; AND BOTH OF US APPLIED MAX BRAKE PRESSURE. HOWEVER; THERE WAS NOT ENOUGH RWY LEFT FOR US TO STOP AS WE SKIDDED OFF THE END BLOWING BOTH TIRES. THE TFC ON FINAL FOR RWY 6 WENT AROUND AND THE CFI TOLD ME TO SHUT DOWN THE AIRPLANE. NEITHER OF US WERE HURT.