A CESSNA 152 WENT OUT OF CONTROL DURING TAKEOFF GROUND RUN AND THEN COLLIDED WITH A DIRT BANK AND NOSED OVER. THE STUDENT PLT INDICATED THAT HE WAS PRACTICING TOUCH AND GO LANDINGS WHEN THE ACCIDENT OCCURRED. HE HAD JUST APPLIED TAKEOFF POWER AFTER LANDING AND THE ACFT BEGAN TO VEER TO THE LEFT. THE ACFT DEPARTED THE RWY AND STRUCK A DIRT BANK APPROXIMATELY 50 FT FROM THE RWY EDGE. THE ACFT THEN NOSED OVER IN A FRESHLY PLOWED FIELD ADJACENT TO THE RWY. THE STUDENT PLT ALSO INDICATED THAT THERE WERE NO MECHANICAL FAILURES OR MALFUNCTIONS PRIOR TO THE ACCIDENT. EXAM OF THE AREA IN WHICH THE ACFT DEPARTED THE RWY REVEAL A DEEPLY WORN DIRT ROAD PARALLEL TO THE RWY WITHIN THE LIMITS OF THE RUNWAY SAFETY AREA. ACCORDING TO ADVISORY CIRCULAR (AC) 150-5300-4B, THE RUNWAY SAFETY AREA SHOULD BE GRADED AND ACCOMMODATE THE OCCASIONAL PASSAGE OF ACFT WITHOUT CAUSING MAJOR DAMAGE TO THE ACFT.