jesus christ!!

Check out the Wikipedia entry on V speeds. Basically, there's a critical speed (V₁) below which you can abort takeoff, and above which you continue even after an engine failure.

I've been in two rejected takeoffs; both happened before V₁. The second one was pretty boring: plane taxis into position, starts rolling down the runway, then starts slowing down again. (I wouldn't be surprised if some folks just thought we were taxiing faster than usual.)

The first one...somewhat more exciting. From what I heard (being on the wrong side of the aircraft to see it myself), we had what sounds like a tailpipe fire (search down the page a bit). Speed up, roll down runway, hear a loud "thoomp", start slowing down...still, not too scary if you didn't see the flames shooting out the back of the #2.

Apparently they applied breaks before rotation.

If you have a long runway, and you have not reached V1 and you have rotated you can break, and it has happened, but it leaves the plane in a bad shape and it is considered safer to take off and do a emergency landing at once.

If you have a very long runway there is no reason why a completely wheels-off-ground airplane cannot land again, but if you aren't suffer acute problems (fire, lack of engine, lack of controls) it is better to come around and do a controlled emergency landing instead of essentially is a crash landing but with runway underneath you. Considering most airliners can take off with only one engine left, (I recall a fully loaded 747 cannot), it is very rare that you don't have enough power to take off, clear obstacles and come around.

I think that is what I was trying to say :)

I suspect you would have noticed the quick course correction of a speeding fusealge with no drag or wight on the right side before you heard the captain. ;)

I have been on a Fokker where the left prop engine turned off during landing, the interesting part was the taxi route we had to take to our gate :)