THE ATP RATED PLT AND A COMMERCIAL RATED PASSENGER WERE TAKING A SCHEDULED CARGO FLIGHT FROM ALBUQUERQUE TO LAS CRUCES, NEW MEXICO. THE RUNWAY WAS COVERED WITH SNOW, ICE AND WATER FROM A SNOW STORM THE PREVIOUS NIGHT. IT WAS SNOWING LIGHTLY AT THE TIME OF THE ACCIDENT. THE PLT AND GROUND CREW CLEANED MOST OF THE SNOW OFF THE AIRCRAFT PRIOR TO TAXI. THE PLT ELECTED TO DEPART VFR RATHER THAN WAIT FOR HIS PREVIOUSLY FILED IFR FLIGHT PLAN. THE AIRCRAFT ACCELERATED TO VR, BUT WOULD NOT LIFT OFF. BOTH PLTS DESCRIBED FEELING A SHUDDER 'LIKE A STALL'. THE PIC ABORTED THE TAKEOFF AFTER USING OVER 75% OF THE RUNWAY. BRAKING DID NOT STOP THE AIRCRAFT BEFORE IT LEFT THE RUNWAY, CROSSED THE OVERRUN AND CAME TO REST 100 YARDS INTO A BRUSH COVERED FIELD. THE LANDING GEAR WAS SHEARED AT IMPACT WITH LOWER TERRAIN BEYOND THE RUNWAY OVERRUN.