The pilot reported that the takeoff on runway 34L seemed normal until he raised the flaps. The pilot then heard a "big bang [that] shook the entire airplane" and he noticed that the canopy had come unlatched. Concerned that the canopy could possibly depart the aircraft and damage the tail, the pilot declared an emergency and circled left to land on runway 11. The pilot aligned the aircraft with the runway, but the airplane's airspeed was excessive for a normal touchdown point. When the pilot realized that he was "too fast", he pulled the throttle to idle and pulled the mixture out to stop the engine. The aircraft did not touchdown until it reached the numbers at the departure end of the runway. During the landing roll, the aircraft rolled across taxiway Golf, runway 16L-34R, and taxiway Foxtrot. The aircraft continued to roll off the taxiway surface, through the airport perimeter fence and onto a public street, where it encountered uneven terrain and nosed over, coming to rest upside down.