On February 14, 2002, at 1330 eastern standard time, a homebuilt Classic IV, N767PG, was substantially damaged during landing at the Lufker Airport (O00), East Moriches, New York. The certified flight instructor received minor injuries. Visual meteorological conditions prevailed for the personal flight conducted under 14 CFR Part 91. During a telephone interview, the pilot stated he was practicing high-speed taxi runs and testing the flaps when the airplane inadvertently became airborne. He continued with the takeoff, remained in the traffic pattern, and set up for a full-stop landing. During the touchdown, the airplane bounced slightly and the pilot added "a little power to soften the bounce." The airplane then became airborne again, banked to the left, and impacted the ground in a nose-low attitude. The pilot stated this was the first flight of the airplane, and that there were no mechanical deficiencies. He reported 400 hours of total flight experience, none of which was in make and model. A Federal Aviation Administration inspector performed an examination of the airplane. According to the inspector, the airplane sustained substantial damage to the engine cowling, both wings, and the landing gear. No mechanical deficiencies were observed by the inspector. Weather reported at the Francis Gabreski Airport (FOK), West Hampton, New York, 6 miles away from the accident site, at 1353, included clear skies and wind from 200 degrees at 10 knots.