On January 11, 2003, about 1553 eastern standard time, a Cessna 150K, N5629G, registered to a private individual, crashed into the water at the end of the runway after an aborted landing, at Everglades Airpark, Everglades City, Florida, while on a 14 CFR Part 91 instructional flight. Visual meteorological conditions prevailed at the time and no flight plan was filed. The aircraft sustained substantial damage and the commercial-rated flight instructor received minor injuries. The dual student received serious injuries. The flight originated from Naples, Florida, the same day, about 1530. The instructor stated that the student was on a stable approach to runway 33, and when crossing the runway threshold the student brought the power to idle and immediately entered the landing flare. The airplane contacted the runway and bounced. The student advanced the throttle to initiate a go-around, and the airplane pitched up and banked approximately 10 degrees to the left. At this time the instructor took control of the aircraft and with both the student and instructor on the controls, the airplane banked right toward the runway. The student then let go of the controls. The aircraft continued to the right off the runway and impacted runway edge lights. He continued the go-around, raised the wing flaps, and checked that the carburetor heat was off. The airplane was airborne off the end of the runway but performance was poor. To avoid trees beyond the water inlet off the departure end, the instructor initiated a shallow left turn and ditched the airplane in the water. The right wheel impacted the water and rotated the airplane about 180 degrees. He and the student then exited the airplane through the broken windshield. (See instructor statement). The dual student stated he was in the left seat. They approached runway 33 at the Everglades Airpark and had to do a go-around due to an airplane being on the runway. They approached runway 33 again and landed hard. The airplane then ended up in the grass and the instructor took control of the airplane. The instructor got the airplane flying again and they climbed to about 100 feet. The engine was at full power. The airplane stalled, rolled to the right, and nosed down. The airplane then hit the water left wing and left side first. He remembers being in the water and being paralized due to a C-3 and C-4 vertabre injury. The instructor came back to the airplane and unbuckled his seat belt and then took him to the surface. (See record of telephone conversation with dual student). Witnesses stated the airplane landed hard and bounced into the air. The airplane touched down again while in a nose high attitude and full engine power was added. The airplane then ran off the right side of the runway and collided with runway lights and a sign. The elevator remained in the full nose up position and engine power remained at full power. The airplane lifted off and climbed to about 60-100 feet. The airplane then stalled and entered a spin to the right. After about 1/4 turn in a spin, the airplane crashed into the water. (See Sheriff's Department Report).