The airplane sustained substantial damage during landing when it impacted terrain at a private airstrip at approximately 0915 Mountain time. The Private pilot sustained minor injuries; visual conditions prevailed. According to the pilot, he took off with the intention of practicing touch-and-go landings. He performed one landing with 20 degrees of flaps. During the second landing approach, he came in with 30 degrees of flaps. The pilot said that the flaps retracted to zero, and the aircraft experienced a loss of lift. He added full power, but the aircraft fell short of the runway. The landing gear struck a canal, and the airplane nosed over.