Oxaliplatin With or Without Gefitinib in Treating Patients With Metastatic or Locally Recurrent Colorectal Cancer

DISEASE CHARACTERISTICS: * Histologically or cytologically confirmed adenocarcinoma of the colon or rectum that is not amenable to potentially curative surgical resection * Metastatic or locally recurrent disease * Tumor in liver or lung accessible to needle biopsy by ultrasound or CT scan guidance * At least 1 measurable lesion * At least 20 mm by conventional techniques, including physical examination, CT scan, or MRI OR * At least 10 mm by spiral CT scan * Lesions on colonoscopic examination or barium studies, bone metastases, CNS lesions, and ascites are not considered measurable * Failed prior therapy with fluorouracil, leucovorin calcium, and irinotecan given either sequentially or in combination * No known brain metastases PATIENT CHARACTERISTICS: Age: * 18 and over Performance status: * ECOG 0-2 Life expectancy: * At least 3 months Hematopoietic: * WBC at least 3,000/mm\^3 * Absolute neutrophil count at least 1,500/mm\^3 * Platelet count at least 100,000/mm\^3 Hepatic: * Bilirubin no greater than 1.5 mg/dL * AST/ALT no greater than 2.5 times upper limit of normal Renal: * Creatinine no greater than 1.5 mg/dL OR * Creatinine clearance at least 60 mL/min Cardiovascular: * No symptomatic congestive heart failure * No unstable angina pectoris * No cardiac arrhythmia Other: * Not pregnant or nursing * Negative pregnancy test * Fertile patients must use effective contraception * No peripheral neuropathy greater than grade 1 * No other concurrent uncontrolled illness that would preclude study * No concurrent psychiatric illness or social situation that would preclude study * No ongoing or active infection * No prior allergic reaction to compounds of similar chemical or biologic composition to oxaliplatin or gefitinib * No other concurrent malignancy except non-melanoma skin cancer or carcinoma in situ of the cervix unless considered to be at less than 30% risk of relapse after completion of therapy PRIOR CONCURRENT THERAPY: Biologic therapy: * No prior epidermal growth factor inhibitor * At least 24 hours since prior colony-stimulating factors * No concurrent colony-stimulating factors during first course of study therapy Chemotherapy: * See Disease Characteristics * No more than 2 prior chemotherapy regimens for metastatic disease * Prior adjuvant chemotherapy allowed * At least 4 weeks since prior cytotoxic chemotherapy and recovered * No prior cisplatin or oxaliplatin Endocrine therapy: * Not specified Radiotherapy: * At least 4 weeks since prior radiotherapy and recovered Surgery: * See Disease Characteristics * At least 4 weeks since prior surgery Other: * At least 30 days since prior investigational agents * Recovered from prior therapy * No concurrent anti-retroviral therapy for HIV * No other concurrent investigational or commercial agents or therapies for malignancy