17-AAG in Treating Patients With Metastatic Prostate Cancer That Did Not Respond to Previous Hormone Therapy

Inclusion Criteria: * Histologically confirmed adenocarcinoma of the prostate * Metastatic disease * Measurable or evaluable disease * Prostate-specific antigen (PSA) ≥ 5 ng/mL OR new areas of bony metastases on bone scan are required for patients with no measurable disease * Objective disease progression OR rising PSA despite receiving androgen deprivation therapy and undergoing antiandrogen withdrawal * Patients with a rising PSA must have 2 successive elevations (measured ≥ 1 week apart) * Must be castrate (testosterone \< 50 ng/mL) * Luteinizing hormone-releasing hormone agonist therapy must be continued during study participation to maintain castrate levels of testosterone * Must have received ≥ 1 prior chemotherapy regimen for metastatic disease * No known brain metastases requiring active therapy * Previously treated asymptomatic brain metastases allowed * Performance status - ECOG 0-2 * At least 12 weeks * Absolute neutrophil count ≥ 1,500/mm\^3 * Platelet count ≥ 100,000/mm\^3 * Hemoglobin ≥ 8.0 g/dL * Bilirubin ≤ 1.5 times upper limit of normal (ULN) * SGOT and/or SGPT ≤ 2.5 times ULN AND alkaline phosphatase normal * Alkaline phosphatase ≤ 4 times ULN AND SGOT and/or SGPT normal * Creatinine clearance ≥ 60 mL/min * Creatinine normal * QTc \< 450 msec for male patients * LVEF \> 40% by MUGA * EF normal by MUGA if prior anthracycline therapy * No congenital long QT syndrome * No left bundle branch block * Deep venous thrombosis or other clinically significant thromboembolic event within the past 6 months allowed provided patient is clinically stable on anticoagulation therapy * No history of serious ventricular arrhythmia (i.e., ventricular tachycardia or ventricular fibrillation ≥ 3 beats in a row) * No myocardial infarction within the past year * No cerebrovascular accident or transient ischemic attack within the past 6 months * No New York Heart Association class III or IV congestive heart failure * No poorly controlled angina * No uncontrolled dysrhythmia or dysrhythmias requiring medication * No active ischemic heart disease within the past 12 months * No other significant cardiac disease * Pulmonary embolus allowed within the past 6 months provided patient is clinically stable on anticoagulation therapy * Fertile patients must use effective contraception * Willing and able to provide blood samples * No serious allergy (i.e., hypotension, dyspnea, anaphylaxis, or edema) to eggs * No other concurrent malignancy or history of a curatively treated malignancy with a survival prognosis of \< 5 years * No known HIV positivity * No active infection * No other severe acute or chronic medical or psychiatric condition or laboratory abnormality that would preclude study participation * At least 4 weeks since prior flutamide (6 weeks for bicalutamide or nilutamide) * At least 28 days since prior radiotherapy * No prior radiotherapy field that included the heart (e.g., mantle) * More than 6 months since prior coronary or peripheral artery bypass grafting * More than 28 days since prior investigational agents for prostate cancer * No concurrent agents that interact with cytochrome P450 3A4 * No concurrent warfarin for anticoagulation * Concurrent low molecular weight heparin injection allowed * No concurrent medications that would prolong QTc * No other concurrent antineoplastic agents * Concurrent zoledronate for bone metastases or hypercalcemia allowed