Phase II Study of a Weekly Schedule of BMS-247550 for Patients With Hormone Refractory 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