17-N-Allylamino-17-Demethoxygeldanamycin in Treating Young Patients With Relapsed or Refractory Solid Tumors or Leukemia

Inclusion Criteria: * Histologically confirmed diagnosis of solid tumor or leukemia with documented M3 marrow * Histologic confirmation of intrinsic brain stem tumors not required * Relapsed or refractory disease * No known curative therapy * In patients with CNS tumors, neurologic deficits must be stable for at least the past week * Performance status - Karnofsky 50-100% (\>10 years of age) * Performance status - Lansky 50-100% (≤ 10 years of age) * For patients with solid tumors: * Absolute neutrophil count ≥ 1,000/mm\^3 * Platelet count ≥ 100,000/mm\^3 (transfusion independent) * Hemoglobin ≥ 8.0 g/dL (may receive RBC transfusions) * For patients with leukemia: * Platelet count ≥ 20,000/mm\^3 (may receive platelet transfusions) * Hemoglobin ≥ 8.0 g/dL (may receive RBC transfusions) * Bilirubin ≤ 1.5 times upper limit of normal (ULN) * ALT ≤ 2.5 times ULN * Albumin ≥ 2 g/dL * Creatinine clearance OR radioisotope glomerular filtration rate ≥ 70 mL/min * Creatinine based on age as follows: * ≤ 0.8 mg/dL if ≤ 5 years of age * ≤ 1.0 mg/dL if \> 5 years and ≤ 10 years of age * ≤ 1.2 mg/dL if \> 10 years and ≤ 15 years of age * ≤ 1.5 mg/dL if \> 15 years and ≤ 21 years of age * No uncontrolled infection * No prior severe allergy to eggs * No situation that would preclude study participation * Not pregnant or nursing * Negative pregnancy test * Fertile patients must use effective contraception * At least 7 days (or window for adverse effects has passed) since prior biologic therapy and recovered * At least 7 days since prior hematopoietic growth factors * At least 2 months since prior stem cell transplantation and no evidence of graft-vs-host disease * No concurrent hematopoietic growth factors * No concurrent biologic therapy * No concurrent immunotherapy * At least 3 weeks since prior myelosuppressive chemotherapy (6 weeks for nitrosoureas) and recovered * No other concurrent chemotherapy * No concurrent steroid therapy * At least 2 weeks since prior local palliative radiotherapy (small port) * At least 3 months since prior total body irradiation or craniospinal radiotherapy * At least 3 months since prior radiotherapy to ≥ 50% of the pelvis * At least 6 weeks since prior substantial bone marrow radiotherapy * Recovered from prior radiotherapy * No concurrent radiotherapy * No other concurrent investigational drugs * No other concurrent anticancer agents * No concurrent phenytoin or phenobarbital * No concurrent warfarin