PLT-RATED PAX TOLD PLT, CORONADO ARPT 'IN SIGHT'. PLT WAS SUSPICIOUS BECAUSE LORAN INDICATED ARPT WAS 3 MI AWAY BUT TRUSTED FORMER INSTRUMENT STUDENT'S JUDGMENT & LANDED AT CLOSED ALAMEDA ARPT INSTEAD OF CORONADO ARPT. CORONADO UNICOM HAD TOLD PLT 'MULTIPLE BALLOONS IN AREA, FAVORING RWY 17.' PLT SAW TWO BALLOONS WHILE ON FINAL APCH. THE PLT SAID HE SAW A 'STARBURST' ON THE RWY BUT DIDN'T REALIZE IT WAS AN 'X' PAINTED OVER THE NOS 17 ON THE RWY, INDICATING A CLOSED RUNWAY, UNTIL AFTER HE FLARED. PLT ABORTED LANDING & ATTEMPTED GO-AROUND. AS ACFT LIFTED OFF, PLT SAW HOT AIR BALLOON DIRECTLY AHEAD & VEERED RIGHT SHARPLY TO AVOID COLLISION. STALL WARNING HORN SOUNDED CONTINOUSLY AS THE PLT TRIED TO MAINTAIN AIRSPEED, FLEW UNDER POWERLINES, HIT A CHAIN LINK FENCE, & CRASHED INTO A PARKED TRUCK TRAILER 1/4 MI FROM ARPT. CLOSED ARPT RWY WAS NOT PROPERLY MARKED AS SUGGESTED BY FAA ADVISORY CIRCULAR.