On May 14, 1994, about 0615 central daylight time, a Cessna 175, N7678M, experienced a loss of engine power during takeoff at Clow International Airport, Plainfield, Illinois, and was substantially damaged when it nosed-over during the subsequent forced landing. The solo private pilot was not injured. No flight plan was filed for the personal flight, and visual meteorological conditions prevailed at the time. The pilot stated he was practicing touch-and-go landings. After several takeoffs and landings, he said the engine quit during climbout about 300 feet agl. The engine was examined by a Federal Aviation Administration Inspector. The carburetor bowl was found to contain a mixture of fuel and water. Water was also found in the right fuel tank. This flight was the first time the airplane had been flown since October 1993.