Bortezomib, Cyclophosphamide, Dexamethasone, and Thalidomide in Treating Patients With Newly Diagnosed, Previously Untreated Multiple Myeloma

DISEASE CHARACTERISTICS: * Diagnosis of multiple myeloma meeting 1 of the following criteria: * Monoclonal immunoglobulin spike on serum electrophoresis (IgG \> 3.5 g/dL or IgA \> 2.0 g/dL) and kappa or lambda light chain excretion \> 1 g/day by 24-hour urine protein electrophoresis AND meets any of the following criteria: * Bone marrow plasmacytosis (10-30% plasma cells) * Lytic bone lesions * Monoclonal immunoglobulin of lesser magnitude present and bone marrow plasmacytosis (10-30% plasma cells) AND meets any of the following criteria: * Lytic bone lesions * IgM \< 50 mg/dL, IgA \< 100 mg/dL, or IgG \< 600 mg/dL * Bone marrow plasmacytosis (\> 30% plasma cells) or plasmacytoma on tissue biopsy AND meets any of the following criteria: * Monoclonal immunoglobulin of lesser magnitude present * Lytic bone lesions * IgM \< 50 mg/dL, IgA \< 100 mg/dL, or IgG \< 600 mg/dL * FreeLite testing abnormal and kappa:lambda light chain ratio abnormal * Symptomatic disease requiring treatment * Documented related organ or tissue involvement, if present * Measurable disease, defined as 1 of the following: * Monoclonal immunoglobulin spike on serum electrophoresis ≥ 1 g/dL and/or urine monoclonal immunoglobulin spike ≥ 200 mg/day * Abnormal FreeLite testing (for nonsecretors) * Patients with nonsecretory disease must meet either of the following criteria for measurability: * Has measurable protein by FreeLite testing * Untreated soft tissue plasmacytoma and/or evaluable disease in bone marrow * Newly diagnosed, previously untreated disease * No POEMS syndrome (i.e., plasma cell dyscrasia with polyneuropathy, organomegaly, endocrinopathy, monoclonal protein \[M-protein\], and skin changes) * No plasma cell leukemia PATIENT CHARACTERISTICS: * Karnofsky performance status 50-100% * Platelet count ≥ 100,000/mm³ (≥ 50,000/mm³ if bone marrow is extensively infiltrated) * Extensive infiltration is defined as \> 50% myeloma cells or plasma cells * Hemoglobin ≥ 8.5 g/dL * Absolute neutrophil count ≥ 1,500/mm³ * AST and ALT ≤ 2 times upper limit of normal (ULN) * Bilirubin ≤ 1.5 times ULN (unless clearly related to the disease) * Creatinine clearance ≥ 20 mL/min * Not pregnant or nursing * Negative pregnancy test * Fertile patients must use 2 methods of effective contraception ≥ 4 weeks prior to beginning treatment, during, and for ≥ 4 weeks after completion of study treatment * No impaired kidney function requiring dialysis * No uncontrolled infection * No HIV positivity * No known active hepatitis B or C * No cardiovascular disease including, but not limited to, any of the following: * Myocardial infarction within the past 6 months * New York Heart Association class II-IV heart failure * Uncontrolled angina * Severe uncontrolled ventricular arrhythmias * Clinically significant pericardial disease * Acute ischemic or active conduction system abnormalities by EKG * No history of allergic reactions to compounds containing mannitol, bortezomib, or cyclophosphamide * No second malignancy requiring concurrent treatment * No other serious medical or psychiatric illness that would preclude study compliance * No peripheral neuropathy ≥ grade 1 PRIOR CONCURRENT THERAPY: * No prior chemotherapy, immunotherapy, vaccine therapy, therapeutic doses of steroids, or other agents for the treatment of active myeloma * Drugs given to prevent onset of myeloma allowed * Bisphosphonates for hypercalcemia or short course corticosteroids for hypercalcemia or cord compromise allowed * Prior local radiotherapy with or without a brief exposure to steroids allowed * More than 4 weeks since prior and no concurrent radiotherapy * Spot radiotherapy to ≤ 3 vertebrae allowed * No concurrent steroids at \> 10 mg of prednisone daily (or the equivalent) for other medical conditions (e.g., asthma, systemic lupus erythematosus, or rheumatoid arthritis) * No other concurrent chemotherapy or investigational agents * Concurrent daily acetylsalicylic acid required during course 4-6 of study treatment