The airplane collided with a guard rail and an embankment during an aborted takeoff. The takeoff was being made on runway 03 (2,400 feet by 39 feet, asphalt). The student pilot reported the local winds were from 220 degrees at 7 knots. The pilot reported there were no other airplanes around the airport or on the radio and she made the "wrong decision on runway selection." The pilot stated that about half way down the runway during the takeoff roll, she received a radio call from her instructor stating that she was using the wrong runway. She stated she then made a "wrong decision" when she decided to abort the takeoff. She stated she would have been able to takeoff with a longer ground run and climb. The pilot stated she applied the brakes but, "in my panic, I did not pull the throttle or lean the gas." The airplane continued off the end of the runway where it contacted a guard rail at full power. The airplane then nosed over and came to rest approximately 25 feet down an embankment. The student pilot reported having a total of 26 hours of flight time.