Paclitaxel Poliglumex and Estradiol in Treating Patients With Stage IV Prostate Cancer

DISEASE CHARACTERISTICS: * Histologically confirmed adenocarcinoma of the prostate * Stage IV disease * Radiographic evidence of regional or distant metastases * Evidence of disease progression (by PSA and/or imaging studies) despite standard hormonal therapy and after exposure to docetaxel-containing chemotherapy, as evidenced by any of the following: * Measurable or evaluable disease progression, defined as the appearance of new lesion(s) or unequivocal increase in previously existing lesions or masses * Disease progression by PSA\*, defined by 1 of the following: * 3 consecutively rising PSA with the second PSA taken ≥ 1 week after the first PSA * 2 consecutively rising PSA with a fourth PSA \> the second PSA NOTE: \*The last required PSA must be after the required antiandrogen washout period for patients who have been on antiandrogen therapy * Must have received prior therapy with at least two 3-weekly doses or six weekly doses of docetaxel * Patients may have discontinued therapy due to progression, intolerance, completion of planned therapy, or other reasons * Prior treatment with combinations of docetaxel with estramustine phosphate sodium or noncytotoxic agents (biologic agents) allowed * Serum testosterone \< 50 ng/dL (unless surgically castrate) * Patients must continue androgen deprivation with a luteinizing hormone-releasing hormone agonist if they have not undergone orchiectomy * No known or suspected brain metastases PATIENT CHARACTERISTICS: * ECOG performance status 0-2 * Life expectancy \> 3 months * Absolute neutrophil count ≥ 1,500/mm³ * Platelet count ≥ 100,000/mm³ * Creatinine ≤ 1.5 times upper limit of normal (ULN) * Bilirubin ≤ 1.5 times ULN * AST and ALT ≤ 2.5 times ULN * No other active malignancy except adequately treated nonmelanoma skin cancer or other noninvasive or in situ neoplasm * No other significant active medical illness or infection that would preclude study compliance * No significant cardiovascular illness, including any of the following: * NYHA class III or IV congestive heart failure * Unstable angina * Myocardial infarction within the past 6 months * Acute deep venous thrombosis * Acute pulmonary embolism * No significant peripheral neuropathy ≥ grade 2 PRIOR CONCURRENT THERAPY: * See Disease Characteristics * At least 6 weeks since prior antiandrogen therapy (4 weeks for flutamide) * No current evidence of an antiandrogen withdrawal response * More than 4 weeks since prior radiotherapy * More than 8 weeks since prior radiopharmaceutical therapy (strontium chloride Sr 89, samarium Sm 153 lexidronam pentasodium) * No prior paclitaxel * No other concurrent cytotoxic agents * No other concurrent chemotherapy or biologic response modifiers * No concurrent supplements known or suspected to contain supplemental estrogens