Paclitaxel, Carboplatin, and Dimethylxanthenone Acetic Acid in Treating Patients With Extensive-Stage Small Cell Lung Cancer

DISEASE CHARACTERISTICS: * Histologically (preferred) or cytologically confirmed small-cell lung carcinoma (SCLC) by surgical biopsy, brushing, washing, OR core needle aspiration (sputum cytology alone not acceptable) * Extensive stage or stage IV disease, including patients with malignant pleural or pericardial effusion * No pleural effusion that causes ≥ CTC grade 2 dyspnea * Not suitable for potentially curative combined-modality treatment for this disease * Measurable or non-measurable disease * No CNS metastases PATIENT CHARACTERISTICS: * WHO performance status 0-2 * Hemoglobin ≥ 10.0 g/dL * Absolute neutrophils ≥ 2.0 x 10\^9/L (without the use of growth factors) * Platelet count ≥ 100 x 10\^9/L * Bilirubin ≤ 1.5 x the upper limit of normal (ULN) * ALT ≤ 2.5 x ULN (≤ 5 x ULN if liver metastases) * Alkaline phosphatase ≤ 2.5 x ULN (≤ 5 x ULN if liver metastases) * Creatinine clearance ≥ 45 mL/min * INR ≤ 1.5 * Magnesium, potassium, and calcium (corrected for albumin) normal * Not pregnant or nursing * Negative pregnancy test * Fertile patients must use effective contraception during and for 12 months after completion of study therapy * No recent hemoptysis associated with SCLC (\> 1 teaspoon in a single episode within 4 weeks) * No other malignancy within the past 5 years except for nonmelanoma skin cancer or cervical cancer in situ * Must not have a history of any of the following conditions: * Myocardial infarction within the past 12 months * Uncontrolled hypertension (systolic BP \> 160 mm Hg and/or diastolic BP \> 90 mm Hg) or poor compliance with anti-hypertensive regimen * Sustained ventricular tachycardia * Ventricular fibrillation or Torsades de Pointes * Long QT syndrome * QTc of \> 450 msec * NYHA class III or IV congestive heart failure * Unstable or poorly controlled angina pectoris, including Prinzmetal variant angina pectoris * Right bundle branch block and left anterior hemiblock (bifascicular block) * Bradycardia (defined as heart rate \< 50 beats per minute) * Cardiac arrhythmias (i.e., symptomatic, but may not require medications) CTCAE grade ≥ 2 * No significant neurologic or psychiatric disorder that would compromise study participation * No peripheral sensory neuropathy with functional impairment ≥ CTC grade 2 (regardless of cause) * No concurrent severe and/or uncontrolled medical disease, including any of the following: * Uncontrolled diabetes * Chronic renal disease * Chronic liver disease * Confirmed diagnosis of HIV infection * Active uncontrolled infection * No serious underlying medical condition, in the judgment of the investigator, that would impair the patient's ability to participate in the trial * No known hypersensitivity to study drugs or to any other component of the study drugs (taxanes or other drugs formulated in Cremophor EL \[polyoxyethylated castor oil\]) PRIOR CONCURRENT THERAPY: * Recovered from all prior therapy * No prior systemic chemotherapy, immunotherapy, or biologic anti-cancer therapy * More than 2 weeks since prior and no concurrent radiotherapy * Localized palliative radiotherapy to symptomatic bone metastases allowed * More than 2 weeks since minor surgery * Insertion of a vascular access device allowed * More than 3 weeks since prior dimethylxanthenone acetic acid for prophylactic cranial irradiation * More than 4 weeks since major surgery (defined by the use of general anesthesia) * At least 30 days since prior and no other concurrent investigational drugs or anti-cancer therapy * No treatment in a clinical trial within 30 days prior to trial entry * No concurrent therapy with a risk of causing Torsades de Pointes * No concurrent drugs that would be contraindicated for use with study drugs * No factors with the potential to prolong QT interval