On July 6, 1995, at 1750 central daylight time (cdt), a Beech 76, N60078, experienced a hard landing and subsequent collision with a runway light while landing on runway 16 (5,137' x 100') at the Palwaukee Airport, Wheeling, Illinois. The 14 CFR Part 91 instructional flight was operating on a VFR flight plan in visual meteorological conditions. The certificated flight instructor (CFI) and private (student) pilot were not injured. The airplane was substantially damaged. The flight originated from Palwaukee Airport at 1700 cdt. In their written statements, both pilots stated the airplane was crabbed during the approach to compensate for the crosswind. On short final the airplane was transitioned to the "wing low method." They reported that upon touchdown, the left main landing gear failed. The CFI then took control of the airplane and applied full right rudder. The airplane veered to the left side of the runway where it contacted a runway light, puncturing the fuel tank. Local winds reported at the time of the accident were from 250 degrees at 12 knots gusting to 25 knots. During a telephone interview with the IIC, controller in the Palwaukee Air Traffic Control Tower stated the airplane appeared too high and fast during the landing approach. It dropped onto the runway and bounced prior to veering to the left side of the runway. Inspection of the airplane by a Federal Aviation Administration Inspector disclosed the landing gear appeared to have filed due to overload.