On July 28, 1996, about 1315 eastern daylight time, a Cessna 150M, N704WM, privately registered, experienced a loss of control while landing at the Raleigh East Airport, Knightdale, North Carolina. Visual meteorological conditions prevailed at the time and no flight plan was filed for the 14 CFR Part 91 instructional flight. The student pilot, the sole occupant, was not injured. The flight originated from the Raleigh East Airport about 35 minutes earlier. The student pilot stated that the flight was his second solo flight and before the accident he had performed three full stop landings. During the fourth full stop landing attempt he flared to land when the flight was 20 feet above the runway. He then pushed on the elevator control and the airplane was landed nose landing gear first then began to porpoise. The student pilot stated that he did not apply power and pulled elevator control input while the airplane was porpoising. He landed the airplane and taxied it off the runway. Postaccident examination of the airplane revealed a wrinkle in the left side of the fuselage aft of the firewall. Also, the nose landing gear tire was deflated.