On December 26, 1994, about 0630 eastern standard time, a Beech 95-C55, N546V, registered to F. Browne Gregg, crashed during an aborted landing attempt at a private airstrip near Arcadia, Florida, while on a 14 CFR Part 91 personal flight. Instrument meteorological conditions prevailed at the accident site and no flight plan was filed. The airplane was substantially damaged and the private-rated pilot and two passengers were seriously injured. The flight originated about 0550 from the Leesburg Municipal Airport, Leesburg, Florida. The pilot stated that before departure he watched the TV weather channel to determine weather conditions for the route of flight. Fog was not mentioned for the destination airstrip area and he did not obtain any other weather briefing. Upon arrival at the destination airstrip he orbited several times due to low light conditions. When the light conditions improved, he observed fog near the airstrip and stated to his passengers "we need to get on the ground or go home." After touchdown about half way down the 2,552-foot grass runway with the flaps fully extended, he encountered "dense" fog. He further stated that he was concentrating on the airplane's instruments and did not fully apply the brakes. After observing the runway again he applied full throttle to go around, realizing that there was insufficient runway remaining to stop. He further stated that both engines operated normally and he did not retract the flaps. The airplane then collided with a gate, trees, and came to rest inverted on the ground. Review of the pilot's operating handbook regarding balked landing procedures revealed that the flaps are to be raised to 0 degrees.