THE PLT CONTACTED COAST TRACON (TERMINAL RADAR CONTROL) & REQUESTED VFR TRAFFIC ADVISORIES TO TORRENCE. AT APRX 0747 PSTHE DECLARED AN EMERGENCY, SAID THE ENG HAD QUIT & REQUESTED VECTORS TO THE JOHN WAYNE/ORANGE COUNTY ARPT. THE CONTROLLERPROVIDED A HDG TO THE ARPT AS WELL AS THE CURRENT WIND & ALTIMETER SETTING. AT 0748, THE CONTROLLER ADVISED THE PLT THATTHE ARPT WAS AT HIS 11 O'CLOCK PSN AT 7 MI & THAT EITHER RWY WAS AVAILABLE FOR LANDING. ABOUT 3 MIN LATER, THE PLT SAID HE DID NOT THINK HE WAS GOING TO REACH THE ARPT. SUBSEQUENTLY, THE ACFT COLLIDED WITH TREES, A HOUSE & A FENCE IN A RESIDENTIAL AREA. INITIAL IMPACT WAS WITH TREES AT APRX 35 FT AGL WHILE IN A NOSE HIGH ATTITUDE. AN EXAM REVEALED THE FUEL SELECTOR WAS POSITIONED TO THE RGT MAIN TANK WHICH HAD LESS THAN 1 GAL OF FUEL REMAINING. ADEQUATE FUEL WAS STILL REMAINING IN THE LEFT FUEL TANKS. NO PREIMPACT PART FAILURE/MALFUNCTION WAS FOUND. THE ENG OPERATED SATISFACTORILY DURING A POST ACCIDENT CHECK.