Paclitaxel Albumin-Stabilized Nanoparticle Formulation and Carboplatin in Treating Patients With Stage IIIB, Stage IV, or Recurrent Non-Small Cell Lung Cancer

DISEASE CHARACTERISTICS:

* Histologically or cytologically confirmed advanced non-small cell lung cancer (NSCLC) meeting 1 of the following criteria:

  * Stage IIIB disease with malignant pleural effusion
  * Stage IV disease
  * Recurrent disease
* Squamous cell histology allowed
* Not eligible for curative treatment or treatment with bevacizumab
* Measurable disease according to RECIST
* Tumor (paraffin blocks or slides) must be available for correlative biomarker studies
* No uncontrolled brain metastases (or leptomeningeal disease)

  * Controlled brain metastases allowed

    * Able to receive appropriate therapeutic radiotherapy
    * Able to taper off all steroids without symptoms suggestive of increased intracranial pressure (nausea, vomiting, focal neurologic symptoms) for at least 7 days

PATIENT CHARACTERISTICS:

* ECOG (Eastern Cooperative Oncology Group) performance status 0-2
* ANC (absolute neutrophil count) ≥ 1.5 x 10\^9/L
* Platelets ≥ 100 x 10\^9/L
* Hemoglobin ≥ 9.0 g/L
* Total bilirubin ≤ 1.5 mg/dL
* AST (aspartate aminotransferase) and ALT (alanine aminotransferase) \< 2.5 times upper limit of normal
* Creatinine ≤ 1.5 mg/dL OR creatinine clearance \> 50 mg/mL
* No known HIV or hepatitis B or C
* Not pregnant
* Negative pregnancy test
* Thrombotic or embolic event within the past 6 months allowed, provided adequately controlled with therapeutic anticoagulation
* Hemoptysis allowed, provided it is not life threatening or requires palliative procedures (e.g., endobronchial therapy or radiotherapy)
* No cardiac disease, including any of the following:

  * NYHA (New York Heart Association) class III-IV congestive heart failure
  * Unstable angina (angina symptoms at rest)
  * New onset angina (began within the past 3 months)
  * Myocardial infarction within the past 6 months
* No uncontrolled hypertension, defined as systolic blood pressure (BP) \> 150 mm Hg or diastolic BP \> 90 mm Hg despite optimal medical management
* No peripheral neuropathy ≥ grade 2
* No active clinically serious infection \> CTCAE grade 2
* No serious non-healing wound, ulcer, or bone fracture
* No significant traumatic injury within the past 4 weeks
* No evidence or history of bleeding diathesis or coagulopathy
* No prior malignancy, except for adequately treated basal cell skin cancer, carcinoma in situ of the cervix, or other cancer for which the patient has been disease-free for 2 years

  * Stage I (T1c) prostate cancer adequately treated 2 years prior to diagnosis of NSCLC allowed, however metastatic prostate cancer currently receiving hormonal therapy or chemotherapy is not allowed
* No significant psychiatric illness, in the opinion of the principal investigator, that would prevent adequate informed consent or render therapy unsafe

PRIOR CONCURRENT THERAPY:

* See Disease Characteristics
* Concurrent therapeutic anticoagulation, \> 325 mg acetylsalicylic acid, or chronic non-steroid anti-inflammatory drug use allowed
* At least 14 days since prior and no concurrent radiotherapy
* More than 4 weeks since prior major surgery or open biopsy