TWO PLTS WERE SEATED AT THE CONTROLS. THE RIGHT FRONT SEAT PLT HAD RENTED THE ACFT; HE HAD 59 HRS TOTAL FLT TIME, OF WHICH, 3 HRS WAS IN THE CESSNA 172. THE LEFT FRONT SEAT PLT (NORMAL PSN FOR THE PIC) HAD 120 HRS OF FLT TIME, OF WHICH, 52 HRS WAS IN THE CESSNA 172. BEFORE RENTING THE ACFT, THE RIGHT FRONT SEAT PLT WAS TOLD OF THE ACFT'S LIMITED PAYLOAD & RWY LENGTH REQUIREMENTS DUE TO THE AUXILIARY FUEL CAPACITY. THE ACFT HAD BEEN REFUELED TO ITS CAPACITY AT THE EN ROUTE ARPT. DURING TAKEOFF FROM THE 3100 FT RWY, THE ACFT LIFTED OFF, SETTLED BACK ONTO RWY & LIFTED OFF AGAIN. THE ACFT CLIMBED WITH A STEEP NOSE HIGH ATTITUDE TO ABOUT 200 TO 250 FT, THEN IT ENTERED A STEEP DSCNT & CRASHED. THE WIND WAS RPRTD TO BE ALIGNED WITH THE RWY AT 10 KTS & THE TEMP WAS ABOUT 90 DEG. THE ACFT WAS ESTD TO HAVE BEEN LOADED ABOUT 120 LBS OVER ITS MAX WT LIMIT. NO PREIMPACT PART FAILURE OR MALFUNCTION OF THE ACFT WAS FOUND. DENSITY ALT WAS APRX 2100 FT.