At rotation, the flightcrew heard a sound described as a ‘thump’ or ‘bang’. After becoming airborne, hydraulic pressure was lost on the nos. 1 and 2 systems. The flightcrew lowered the landing gear and returned to a landing on the takeoff runway. The airplane was brought to a stop and shut down. Examination found extensive damage in the left wing, above the left main landing gear, that included fractured nos. 1 and 2 hydraulic lines, and fractures or damaged mechanical control cables, pulleys, push rods, and electrical wiring. The no. 5 tire was found blown, and tread on the no. 1 tire damaged, both on the left main mount. Marks of a reverser cascade, identified as coming from a Boeing 727 engine, were found impressed into the runway, and a cascade was recovered in a search of the takeoff runway. Pieces of what appeared to be aluminum and other aircraft debris were also found on and near the takeoff runway.