THE PLT REPORTED THAT ON THE FIRST ATTEMPT TO ROTATE, THE STALL WARNING HORN ACTIVATED. THE PLT NOTICED THE REAR ENG IN AN OVERBOOST COND SO HE RETARDED THE THROTTLE COMPLETELY, THEN ADVANCED IT TO BELOW RED LINE. HE CONTINUED THE TAKEOFF AND ATTEMPTED TO ROTATE TWO MORE TIMES BEFORE HE ABORTED. HE RETARDED THE THROTTLES AND APPLIED FULL BRAKING BUT RAN OFF THE END OF THE RWY AND COLLIDED WITH A CONCRETE IRRIGATION DITCH. THE LANDING GEAR SEPARATED FROM THE AIRCRAFT. THE INVESTIGATION REVEALED THE ACFT WAS OVER MAX GROSS WT BY 311 LBS. THE PLT LOGGED 11 HRS TOTAL TIME AND 1 HR IN THE LAST 90 DAYS IN THE CESSNA T337E.THE OPERATING PROCEDURES IN THE OWNER'S MANUAL STATE THAT IF AN OVERBOOST OCCURS ON TAKEOFF, THE THROTTLE SHOULD BE RETARTED SLIGHTLY TO BELOW RED LINE. THE ENG MANUFACTURE INDICATED THAT THE RED LIMIT WILL BE EXCEEDED WHEN THE THROTTLES ARE ADVANCED FULL FWD AND THIS CONDITION IS NOT DETRIMENTAL TO THE ENG.