Celecoxib in Preventing Multiple Myeloma in Patients With Monoclonal Gammopathy or Smoldering Myeloma

Criteria: * M-protein \>= 30 g/L * No clinical evidence of chronic infectious or inflammatory disease * No present evidence of active malignancy (nonmelanoma skin cancer or cervical intraepithelial neoplasia allowed) * No hypersensitivity (e.g., asthma, urticaria, or acute rhinitis induced by NSAIDs) to aspirin or other NSAIDs * No hypersensitivity to sulfonamides * No uncontrolled diabetes * No history of diabetic retinopathy * No condition that would preclude study participation * No condition that would preclude the use of NSAIDs * New or preexisting diagnosis of 1 of the following for at least 2 months: * Monoclonal gammopathy of undetermined significance as defined by the following criteria: * M-protein =\< 30 g/L * Bone marrow clonal plasma cells \< 10% and low level of plasma cell infiltration in a trephine biopsy (if done) * Smoldering myeloma as defined by at least 1 of the following criteria: * Bone marrow clonal plasma cells \>= 10% * No related organ or tissue impairment (i.e., end organ damage) or symptoms * Asymptomatic patients with =\< 3 lytic lesions (without other organ damage) attributable to plasma cell dyscrasia allowed * No condition associated with a secondary monoclonal gammopathy * IgG, IgA, or light chain M-component \>= 1.0 g/dL for at least 2 consecutive lab readings taken at least 4 weeks apart * No anemia * No hepatic insufficiency * AST or ALT \< 1.5 times upper limit of normal (ULN) * Bilirubin =\< 1.5 times ULN * Creatinine =\< 1.8 mg/dL * No hypercalcemia * No renal insufficiency * No uncontrolled congestive heart failure * No history of cerebrovascular or cardiovascular accident * No history of gastrointestinal hemorrhage * No active or suspected peptic ulcer disease * Previously treated H. pylori infection allowed * More than 12 months since limited chemotherapy * More than 28 days since prior chronic or frequent use of glucocorticoids (\> 5 mg of prednisone or equivalent per day) * More than 28 days since prior chronic or frequent use of non-steroidal anti-inflammatory drugs (NSAIDs) (\> 100 mg of aspirin per day) * More than 28 days since prior bisphosphonate therapy * More than 28 days since prior investigational agents * Concurrent low-dose aspirin ( =\< 100 mg/day) allowed * No evidence of other B-cell proliferative disorders (e.g., multiple myeloma, Waldenstrom's macroglobulinemia, primary amyloidosis, or lymphoproliferative disease) * Not pregnant or nursing * Negative pregnancy test * Fertile patients must use effective contraception * AND/OR * ECOG 0-1 or Zubrod 0-1