On August 15, 2001, at approximately 1445 mountain daylight time, a Cessna 172N, N733BW, was substantially damaged following impact with terrain during an attempted go-around at Meadow Lake Airport, Peyton, Colorado. The student pilot, the sole occupant aboard the airplane, was seriously injured. American Aviation, Inc., of Peyton, Colorado, was operating the airplane under Title 14 CFR Part 91. Visual meteorological conditions prevailed for the local solo instructional flight that originated approximately 15 minutes before the accident. No flight plan had been filed. A Federal Aviation Administration Aviation Safety Inspector interviewed the pilot. The pilot said that he was flying his third solo flight, and was practicing landings on runway 33. He said that the left crosswind (estimated at 300 degrees at 8 to 9 knots) blew him off to the right side of the runway while he was still airborne. He said that he applied power for a go-around, and raised the flaps. The pilot said that his intention was to gradually bring the flaps up, but he inadvertently raised them all at once. He said that he immediately experienced a nose down attitude and crashed. A flight instructor witness said that he observed the airplane in a nose high attitude just before it fell to the ground. The airplane's Pilot's Operating Handbook (POH) states that a balked landing is performed in the following manner: 1. Throttle--- Full open, 2. Carburetor Heat--- Cold, 3. Wing Flaps--- 20 degrees (immediately), 4. Climb Speed--- 55 KIAS, 5. Wing Flaps--- 10 degrees (until obstacles are cleared). Retract (after reaching a safe altitude and 60 KIAS). The student pilot had accumulated approximately 24 hours of flight experience when the accident occurred. At the time of the accident, the student was not wearing his shoulder harness. The impact bent the left wing, wrinkled the fuselage, and broke the engine mount.