At 0705 central time, a Cessna 172H crashed 1.2 miles from the Centralia Municipal Airport, killing the flight instructor and student pilot. A witness said the airplane was flying slowly with a low power setting at an altitude of about 500 feet. He said the airplane was in a steep angle of bank and in a turn to the right. After about 270 degrees of turn, the nose of the airplane came up and the airplane became inverted. The nose of the airplane then went down. He heard the airplanes engine revving to full power just before impact.