WITNESSES OBSERVED THE AIRCRAFT TAXI TO THE END OF RUNWAY 27R AND POSITIONED SO THE TAIL WAS OUT IN THE OVERRUN AREA. WITNESSES FURTHER STATED THE AIRCRAFT APPEARED TO TAKE AN OVERLY LONG TAKEOFF ROLL BEFORE LIFTING OFF. AFTER LIFT OFF, THE AIRCRAFT PITCHED UP VERTICALLY, CLIMBED TO ABOUT 100 FEET, ROLLED LEFT INVERTED, CRASHED TO THE GROUND IN A DIVE ON A HEADING OF 035 DEGREES AND BURST INTO FLAMES. THE AIRCRAFT WAS 955 POUNDS OVER MAXIMUM GROSS WEIGHT AND THE CG WAS 14.5 INCHES AFT OF THE MOST REARWARD LIMIT. THE WEIGHT AND BALANCE FORM HAD BEEN ALTERED TO INDICATE THE AIRCRAFT WAS WITHIN LIMITS FOR WEIGHT AND BALANCE PRIOR TO DEPARTURE. EXAMINATION OF FAA RECORDS REVEALED AIR CARGO AMERICA HAD BEEN CITED FOR NUMEROUS BREACHES OF FEDERAL AIR REGULATIONS AND THE PILOT-IN-COMMAND HAD A HISTORY OF SUSPENSIONS/REVOCATIONSOF HIS PILOT AIRMAN IN CERTIFICATE. A PILOT OF AIR CARGO AMERICA REPORTED THE COMPANY PRESSURED THEIR PILOTS TO OPERATE THE AIRCRAFT OUTSIDE THE REQUIREMENTS OF THE FEDERAL AIR REGULATIONS. FAA WAS NOTIFIED OF THESE PRACTICES IN 1985.