BEFORE THE FLT, THE STUDENT PLT & PASSENGERS HAD BEEN SOCIALIZING & DRINKING BEER. AT APRX 0200 EDT, WHILE AT A FRIEND'SHOME NEAR MURFREESBORO, NC, THEY DECIDED TO GO FLYING. AT ABOUT 0300, AN ACFT WAS OBSERVED TO FLY OVER THE FRIEND'S HOME AT LOW ALT, THEN IT DEPARTED THE AREA & DID NOT RETURN. SUBSEQUENTLY, THE ACFT CRASHED NEAR WINTON, NC & WAS EXTENSIVELY DAMAGED DURING IMPACT. THE NEEDLE OF THE AIRSPEED INDICATOR WAS PRESSED AGAINST THE INSTRUMENT FACE AT 142 MPH. ALSO, THE ACFT'S CLOCK WAS DAMAGED & HAD STOPPED AT 0347. THERE WAS EVIDENCE THE PLANE WAS IN A 22 DEG DIVE WITH ABOUT A 30 DEG RGT BANK WHEN IT CRASHED. NO PREIMPACT PART FAILURE/MALFUNCTION WAS FND; HOWEVER, THE ARTIFICIAL HORIZON HAD BEEN REMOVED FOR REPAIR. TOXICOLOGY CHECKS OF THE PLT'S BLOOD SHOWED AN ALCOHOL LVL OF 90 MG% (0.090%), COCAINE LVL OF 0.09 MG% & BENZOYLECGONINE LVL OF 0.11 MG%. THE PLT HAD ONLY ABOUT 3 HRS OF NIGHT FLYING TIME.