The length of the runway would be sufficient if it were properly maintained. If you think this one's short, check Santos Dumont in Rio de Janeiro, no such record of accidents there (
http://www.brasilazul.com.br/imagens...ntosdumont.jpg). When the main runway was closed for resurfacing the traffic diverted to the auxiliary runway, thinner and about 2,000ft shorter, as is the case now as the runway has been closed again for the investigations.
Yes, it was raining severely, and yes the grooving had not been made.
The day before (!) an ATR42 slid off the runway quite dramatically while landing, notice the skid marks:
http://oglobo.globo.com/sp/mat/2007/07/16/296802845.asp
On March 22nd, 2006 a 737 stopped just in time, sliding off while landing aswell:
http://www.picarelli.com.br/novas_imagens/1021719.jpg.
In June 2006 a 737 bumped an A320/1 gently causing light damage while taxiing in heavy rain.
On October 6th, 2006 another 737 slid off the runway when landing:
http://oglobo.globo.com/sp/mat/2006/10/06/286006094.asp
On January 2007 a 737 had to smash the brakes to stop but didn't slide.
Back in 2003 a Citation fell off the taxiway after exiting the runway a bit too fast in heavy rain conditions. I could only find this crappy link so scroll down a bit untill you see the citation:
http://www.aerolex.com.br/2003.htm
I found this from 1991 while searching for the others but have no idea what caused it. In dry conditions, scroll down a bunch:
http://www.desastresaereos.net/acidentes_tam2.htm
The runway was opened with the claim that since it was winter, the weather should be dry and have no rain, thus grooving was unecessary. So the runway remained open during the day and closed after midnight for the grooving work to be done.
The Tower warned the pilot to land short because the condition was very slippery. 5 minutes before the plane landed the Tower received the results of a water-level measurement it had requested: the result was Ok (!).
Witnesses report they didn't see the engines going into reversion, so the crew must have started aborting very early. The video Oberon posted is of the stage where the Pilot is heard saying "turn! turn! turn!" over the radio. It's unclear why he would say that. Turning intentionally would be best to the other side where there's more room and the terrain slopes down.
Some pilots raised suspicion over the computer system of the plane, wondering if it could've prevented the pilot from maneuvering more aggressively, but only the black box can tell if such a thing happened, if the crew deactivated the restrictions or none of the above.
EDIT: Some more tid bits: the plane touched down before the 1,000ft mark, so the Tower even cleared a plane holding-short for take-off. Rules established after the accidents I posted here require the runway to be closed under such conditions. On that day the request was denied.