Pegylated Liposomal Doxorubicin, Low Freq Dexamethasone & Revlimid (Dd-R) in Newly Diagnosed Multiple Myeloma (MM)

Inclusion Criteria: * Signed informed consent form * Able to adhere to the study visit schedule and other protocol requirements * Diagnosed with active multiple myeloma and be considered to have active disease * Measurable myeloma paraprotein levels in serum (≥ 0.5 g/dL) or urine (≥ 0.2 g excreted in a 24-hour urine collection sample). * Eastern Cooperative Oncology Group (ECOG) Performance Status of 0-2 * Performance status of 3 will be allowed if related to bony disease. * Prior steroid therapy for up to 4 weeks will not exclude the patient from entering the study. * Bilirubin \< 3.0 * Liver enzymes: alanine transaminase or aspartate transaminase (ALT or AST) \< 3 x upper limit of normal (ULN) * Must have adequate bone marrow function: * Absolute neutrophil count \> 1,000 cells/mm³ (1.0 x 10\^9/L). Patients with bone marrow \>50% plasma cells are permitted to have a neutrophil count of \< 1,000 cells/mm³. * Platelets ≥ 50,000 cells/mm³. Patients with bone marrow \>50% plasma cells are permitted to have a Platelet count \< 50, 000 cells/mm³. * Hemoglobin \> 8 g/dL (transfusion allowed to increase the Hgb) * Must have adequate renal function: Creatinine ≤ 2.5 mg/dL * Must have a 2-d echocardiogram indicating left ventricular ejection fraction (LVEF) ≥ 50% within 42 days prior to first dose of study drug * Able to tolerate aspirin, low molecular weight heparin or coumadin * Must be registered into the mandatory RevAssist® program, and be willing and able to comply with the requirements of RevAssist® * Females of childbearing potential (FCBP) must have a negative serum or urine pregnancy test with a sensitivity of at least 50 mIU/mL within 10 to 14 days prior to and again within 24 hours of prescribing lenalidomide (prescriptions must be filled within 7 days) and must either commit to continued abstinence from heterosexual intercourse or begin TWO acceptable methods of birth control AT THE SAME TIME, at least 4 weeks before taking lenalidomide. FCBP must also agree to ongoing pregnancy testing. Men must agree to use a latex condom during sexual contact with a female of child bearing potential even if they have had a successful vasectomy. Exclusion Criteria: * Ongoing severe infection requiring intravenous antibiotic treatment * Life expectancy of \<3 months * Prior malignancy, except for adequately treated basal cell or squamous cell skin cancer, in-situ cervical cancer, or other cancer from which the subject has been disease-free for at least 5 years. Concurrent prostate cancer for which the patient is receiving therapy will not be considered an exclusion if the prostatic specific antigen (PSA) has been stable for three years. * Solitary bone or solitary extramedullary plasmacytoma as the only evidence of plasma cell dyscrasia. * Patients receiving therapeutic dosages of steroids (dexamethasone 160mg per pulse \> 4 pulses) for multiple myeloma. * Myocardial infarct within 6 months before enrollment, New York Heart Association (NYHA) Class II or greater heart failure, uncontrolled angina, severe uncontrolled ventricular arrhythmias, clinically significant pericardial disease, or electrocardiographic evidence of acute ischemic or active conduction system abnormalities. * Uncontrolled medical problems such as diabetes mellitus, coronary artery disease, hypertension, unstable angina, arrhythmias), pulmonary, hepatic and renal diseases unless renal insufficiency is felt to be secondary to multiple myeloma. * Any serious medical condition, laboratory abnormality, or psychiatric illness that would prevent the subject from signing the informed consent form * Pregnant or breast feeding females * Any condition, including the presence of laboratory abnormalities, which places the subject at unacceptable risk if he/she were to participate in the study or confounds the ability to interpret data from the study * Prior chemotherapy for multiple myeloma, except for radiation to symptomatic bony disease, plasmapheresis for hyperviscosity, kyphoplasty and/or vertebroplasty