On June 6, 1998, at 1633, central daylight time, the pilot of a Wolfe Pulsar 582, N177TW, impacted the terrain following a loss of control while practicing stalls near Hancock, Indiana. The private pilot was not injured and the airplane sustained substantial damage. The airplane was being operated as a personal flight under 14 Part 91. The flight originated in New Castle, Indiana, at approximately 1410. The airplane was being operated in Visual meteorological conditions without a flight plan. The pilot stated he was practicing steep turns and stalls in various configurations at an altitude of 1,800 feet above ground level. The pilot reported that during his second "cruise power" stall the nose fell through to straight vertical, and he pulled back on the stick rather than pushing forward. The pilot said he tried for several seconds to recover from the stall. He reported the wing was just starting to come up when he determined that he could not successfully recover without hitting the terrain. The pilot stated that at about 400 feet AGL he activated the BRS (ballistic recovery system) parachute, which deployed and slowed the aircraft prior to impact with the terrain. The airplane was dragged approximately 200 feet from the point of impact by the still-inflated parachute. He reported he had to open the canopy, exit the airplane, and pull the parachute down in order for the airplane to stop. The nose gear and engine mounts were substantially damaged, the right gear leg slightly delaminated. According to the pilot, the parachute shrouds cut through and damaged the aft fuselage. The canopy, cockpit, wings, tail, and fuel tank were all undamaged.