On December 14, 1994, at 0918 eastern standard time, a Cessna 402B, N7628R, overran runway 24, then collided with a fence and terrain at the Hickory Regional Airport, Hickory, North Carolina. The flight operated under the provisions of 14 CFR Part 135 by Ramp 66, with an instrument flight plan activated. Instrument weather conditions prevailed at the time of the accident. The airplane sustained substantial impact and fire damage; the pilot received minor injuries. The flight originated in Charlotte, North Carolina, at 0838. The pilot reported that he originally was filed to North Wilkesboro, North Carolina. Enroute to his destination, the weather deteriorated. The reported visibility dropped from 2 miles to one half miles in fog. He flew a localizer approach to the airport in North Wilkesboro, and executed a missed approach due to the weather. He requested an instrument landing system (ILS) approach to the Hickory airport. During the approach to Hickory, he observed an off flag on the glide slope (both receivers) and transitioned to a localizer approach. Upon reaching the minimum descent altitude (MDA) he began to see ground references, then he observed the runway. He landed the airplane, and raised the flaps to aid in braking. He elected not to attempt a touch and go, due to obstacles at the departure end of the runway. Unable to stop the aircraft with maximum braking, the aircraft departed the paved surface at the departure end of runway 24. He steered the aircraft straight ahead, down a hill, and through a chain link fence. The aircraft came to a stop against an embankment, resting on a paved road. Personnel with the Hickory Flight Service Station observed the aircraft during landing sequence. Two employees observed the aircraft in a dive, toward the midfield point of runway 24. The Area Supervisor stated that the aircraft appeared to be in a diving, right turn toward runway 24. He estimated that the aircraft landed at the 1,800 foot remaining point on the runway (the runway is 6,400 feet long). He did not believe that the aircraft could be stopped in that distance. The aircraft disappeared behind some trees, then smoke was observed coming from the area of the crash site. The aircraft radios, including the ILS equipment, were removed from the wreckage so that bench testing could be performed. All navigational equipment was found to be operational.