SU5416 and Irinotecan in Treating Patients With Advanced Colorectal Cancer

Inclusion Criteria: * Patients must have histologically confirmed adenocarcinoma of the colon or rectum * Patients must have locally advanced or metastatic disease not amendable to potentially curative treatment * Patients must have an ECOG performance status of 0-2 * Men and women of any racial and ethnic group * Absolute neutrophil count (neutrophils + bands) of \>= 1,500/ul * Platelet count of \>= 100,000/ul * Patients must have a serum creatinine of =\< 1.5 mg/dL or a calculated creatinine clearance \>= 60 mL/min * Serum bilirubin =\< 1.5 mg/dL, regardless of whether patients have liver involvement secondary to tumor * SGOT must be =\< 3 times institutional upper limit of normal * Patients must be fully recovered from any previous surgery (at least 4 weeks from major surgery) * Patients must have recovered from prior radiation therapy (at least 4 weeks from radiation) * Fertile patients (male and female) must agree to use a medically effective contraceptive method throughout the treatment period and for 3 months following cessation of treatment * Patients must provide written informed consent * Patients must have either measurable or evaluable disease; measurable disease is defined as at least one bidimensionally measurable lesion \>= 1 x 1 cm that is outside the field of any prior radiation therapy * In Phase I: Patients with a history of a prior malignancy are eligible for treatment * In Phase II: Patients who have undergone potentially curative therapy for a prior malignancy and who have had no evidence of that disease for \> 5 years are eligible for treatment; adequately treated basal cell or squamous cell skin cancer does not apply * In the Phase I portion of the study the following eligibility criteria must be met: * Patients must have received no more than two prior chemotherapy regimens (one of which must have contained a fluorinated pyrimidine) for locally advanced or metastatic disease; if a patient progressed while on or within 6 months of adjuvant therapy, the adjuvant regimen will be considered as treatment for metastatic disease * In the Phase II portion of the study the following eligibility criteria must be met: * Patients must have received one and only one prior chemotherapy regimen, which must have contained a fluorinated pyrimidine, for treatment of locally advanced or metastatic disease; if a patient progressed while on or within 6 months of adjuvant therapy, the adjuvant regimen will be considered as treatment for metastatic disease Exclusion Criteria: * Patients who have previously received SU5416, CPT-11, or any topoisomerase I inhibitor * Patients with uncompensated coronary artery disease on electrocardiogram or physical examination, or with a history of myocardial infarction, or severe/unstable angina in the past 6 months are not eligible * Patients with diabetes mellitus with severe peripheral vascular disease and patients who have had a deep venous or arterial thrombosis (including pulmonary embolism) within 3 months of entry are not eligible * Patients with known allergy to Cremaphor, or Cremophor-based drug products * Patients with any active or uncontrolled infection * Patients with psychiatric disorders that would interfere with consent or follow-up * CPT-11 is known to have teratogenic potential and may be excreted in milk; the current SU5416 Investigator's Brocure indicates that teratogenicity studies have not yet been performed; however, other antiangiogenesis drugs, such as thalidomide, are known to have teratogenic potential; based on the available data, there is potential for significant risk to a developing fetus or breast-feeding child; therefore, pregnant women, women who are breast-feeding, and fertile men and women, unless utilizing birth control are excluded from this study; a negative pregnancy test must be documented during the screening period for women of childbearing potential * Patients with either a prior history of or clinically apparent central nervous system metastases or leptomeningeal carcinomatosis disease * Patients with a history of seizures or who are receiving phenytoin, phenobarbital, or other antipileptic prophylaxis * Patients with uncontrolled diabetes mellitus * Patients with known Gilbert's Disease (may have excessive CPT-11-induced toxicity) * Patients with any other severe concurrent disease which in the judgement of the investigator would make the patient inappropriate for the study * Patients who have received any investigational drug =\< 30 days prior to enrollment