Tipifarnib in Treating Older Patients With Previously Untreated Acute Myeloid Leukemia

Inclusion Criteria:

* Pathologic confirmation of the diagnosis of AML (\>= 20% marrow blasts)
* ECOG performance status 0 or 1
* Patients must be able to give informed consent
* SGOT and SGPT =\< 2.5 x normal limits (grade 1)
* Serum creatinine =\< 1.5 x normal limits (grade 1)
* AML (any of the following):

  * Newly diagnosed AML in adults \>= 75 years
  * Newly diagnosed AML arising from MDS in adults \>= 65 years
* Hyperleukocytosis with \>= 30,000 leukemic blasts/uL

Exclusion Criteria:

* Acute promyelocytic (FAB M3) subtype
* Previously treated with chemotherapy for leukemia (except for hydroxyurea)
* Disseminated intravascular coagulation (laboratory or clinical)
* Active central nervous system leukemia
* Concomitant radiation therapy, chemotherapy, or immunotherapy; previous therapy for another malignancy is permitted, provided that at least 1 month has occurred since patient received any of these treatments
* Intrinsic impaired organ function (as stated above)
* Symptomatic neuropathy (grade 2 or worse)
* Known allergy to imidazole drugs, such as ketoconazole, miconazole, econazole, teconazole, clotrimazole, fenticonazole, isoconazole, sulconazole, or ticonazole
* Physical or psychiatric conditions that in the estimation of the principal investigator (PI) or designee place the patient at high risk of toxicity or non-compliance, e.g. severe congestive heart failure (CHF), unstable angina, or poorly controlled psychosis