Ixabepilone in Treating Patients With Metastatic Prostate Cancer

Inclusion Criteria:

* Histologically confirmed adenocarcinoma of the prostate
* Metastatic disease
* Evidence of disease progression (e.g., new lesions on bone scan or new/enlarging lesions on CT scan) OR rising prostate-specific antigen (PSA) within the past 4 weeks
* Radiologic evidence of hydronephrosis alone is not considered evidence of metastatic disease (e.g., increasing PSA)
* Patients with bone metastases only (i.e., lacking soft tissue disease) must have a PSA level \>= 10 ng/mL within the past week
* Patients with stable disease and rising PSA must show 2 consecutive rises in PSA measurements taken at least 2 weeks apart
* Most recent PSA level must be obtained within the past 4 weeks
* Disease progression after prior anti-androgen withdrawal must be confirmed by a rising PSA after the 4-6 week washout period (e.g., PSA level higher than the last PSA obtained while on anti-androgen therapy)
* Failed prior bilateral orchiectomy or other primary hormonal therapy
* Patients who have not undergone bilateral orchiectomy must continue on luteinizing hormone-releasing hormone (LHRH) agonist therapy (e.g., leuprolide or goserelin) or LHRH antagonist (e.g., abarelix) during study treatment AND must have a serum testosterone level =\< 50 ng/dL within the past 4 weeks to confirm androgen suppression
* ECOG 0-2
* Granulocyte count \>= 1,500/mm\^3
* Platelet count \>= 100,000/mm\^3
* WBC \>= 4,000/mm\^3
* SGPT =\< 2 times upper limit of normal
* Bilirubin =\< 1.5 mg/dL
* INR normal
* Creatinine =\< 1.5 mg/dL
* Creatinine clearance \>= 50 mL/min
* No New York Heart Association class III-IV heart disease
* No myocardial infarction within the past 6 months
* No active angina pectoris
* No evidence of ventricular dysrhythmias or other unstable arrhythmia
* Rate-controlled atrial fibrillation allowed provided the patient is asymptomatic
* No other malignancy within the past 5 years except curatively treated nonmelanoma skin cancer
* No serious medical illness or active infection that would preclude study participation
* No concurrent prophylactic filgrastim (G-CSF)
* No more than 2 prior cytotoxic chemotherapy regimens for hormone-refractory disease
* At least 4 weeks since prior chemotherapy with a taxane-based regimen, mixantrone, or another cytotoxic chemotherapy regimen provided there is evidence of progressive disease
* At least 4 weeks since prior flutamide AND continued evidence of progressive disease
* At least 6 weeks since prior bicalutamide or nilutamide AND continued evidence of progressive disease
* At least 4 weeks since prior estrogen or estrogen-like agents (e.g., PC-SPES, saw palmetto, or other herbal products which may contain phytoestrogens)
* At least 4 weeks since prior hormonal therapy, including megestrol, finasteride, ketoconazole, or systemic corticosteroids
* No concurrent estrogen or estrogen-like agents (e.g., PC-SPES, saw palmetto, or other herbal products which may contain phytoestrogens)
* More than 4 weeks since prior radiotherapy
* No prior strontium chloride Sr 89 or samarium Sm 153 lexidronam pentasodium
* No other prior radioisotope
* No concurrent radiotherapy for pain control
* No more than 1 prior experimental (non-cytotoxic) therapy AND evidence of progressive disease
* At least 4 weeks since prior experimental therapy
* Concurrent bisphosphonates (e.g., pamidronate or zoledronate) allowed provided treatment was initiated at least 4 weeks ago and there is evidence of progressive disease
* No other concurrent investigational agents
* No concurrent therapeutic warfarin
* Concurrent prophylactic or therapeutic doses of low molecular weight heparin allowed provided criterion for INR is met
* No carcinomatous meningitis or brain metastases
* Fertile patients must use effective contraception
* No peripheral neuropathy \> grade 1