Everolimus in Treating Patients With Advanced or Metastatic Colorectal Cancer That Did Not Respond to Previous Therapy

DISEASE CHARACTERISTICS: * Cytologically or pathologically confirmed colorectal adenocarcinoma * Advanced or metastatic disease * Refractory to ≥ 1 line of prior therapy * Not amenable to potentially curative surgical resection * Mutations in the PI3K gene in tumor tissue * Tumor tissue available for genetic testing OR willing to undergo baseline tumor biopsy * Tumor amenable to sequential biopsies * Willing to undergo 2 sequential tumor biopsies, and 2 sequential skin biopsies * Measurable lesion with ≥ 1 diameter ≥ 2 cm by conventional CT scan (1 cm by spiral CT scan) in a nonirradiated area * No known brain metastases PATIENT CHARACTERISTICS: * ECOG performance status (PS) 0-2 OR Karnofsky PS 60-100% * Life expectancy \> 12 weeks * WBC ≥ 3,000/mm³ * Absolute neutrophil count ≥ 1,500/mm³ * Platelet count ≥ 100,000/mm³ * Bilirubin normal * AST and ALT ≤ 2.5 times upper limit of normal (ULN) * Creatinine normal OR creatinine clearance ≥ 60 mL/min * Cholesterol and triglycerides ≤ 2.5 times ULN * Not pregnant or nursing * Negative pregnancy test * Fertile patients must use effective contraception * No history of allergic reactions attributed to compounds of similar chemical or biologic composition to everolimus * No uncontrolled intercurrent illness, including, but not limited to, any of the following: * Hypertension * Ongoing or active infection * Symptomatic congestive heart failure * Unstable angina pectoris * Cardiac arrhythmia * Psychiatric illness or social situation that would preclude study compliance * No evidence of bleeding diathesis * Able to swallow tablets PRIOR CONCURRENT THERAPY: * See Disease Characteristics * At least 4 weeks since prior radiotherapy or chemotherapy (6 weeks for nitrosoureas or mitomycin C) and recovered * No prior targeted therapy against mTOR * No other concurrent investigational agents * No concurrent therapeutic anticoagulation * Prophylactic anticoagulation (i.e., low-dose warfarin) of venous or arterial access devices allowed provided the requirements for PT, INR or PTT are met. * No concurrent combination antiretroviral therapy for HIV-positive patients * No other concurrent anticancer therapy, including chemotherapy, hormonal therapy, immunotherapy, alternative therapy, or radiotherapy * No concurrent live vaccination