Inositol in Preventing Colorectal Cancer in Patients With Colitis-Associated Dysplasia

Inclusion Criteria: * Participants must have ulcerative colitis or Crohn's disease with low grade dysplasia or polyploid dysplasia or have a history of dysplasia and increased positive beta-catenin levels confirmed by a consensus of the study pathologists (2 of 2, or 2 of 3) * Eastern Cooperative Oncology Group (ECOG) performance status 0 or 1 * Absolute neutrophil count (ANC) \> 1,500/uL * Platelets \> 100,000/uL * Total bilirubin within normal institutional limits * Aspartate aminotransferase (AST)(serum glutamic oxaloacetic transaminase \[SGOT\]/alanine aminotransferase (ALT) (serum glutamate pyruvate transaminase \[SGPT\] =\< 1.5 times upper limit of normal * Creatinine within normal institutional limits * International normalized ratio (INR) \< 1.5 * Women of child-bearing potential and men must agree to use adequate contraception (hormonal or barrier method of birth control; abstinence) from the time of baseline pregnancy test, throughout the duration of the study, and for 1 month following cessation of study drug; females must begin adequate contraception immediately following screening pregnancy test; should a woman become pregnant or suspect she is pregnant while participating in this study, she should inform her study physician immediately; if she is pregnant, she will be immediately withdrawn from the study and followed until the birth of the child * Ability to understand and the willingness to sign a written informed consent document Exclusion Criteria: * Subjects with life-threatening medical conditions that would preclude study treatment intervention and colonoscopy * Participants may not be receiving any other investigational agents * History of allergic reactions to rice or compounds of similar chemical or biologic composition to myo-inositol (i.e., urticaria, dermatologic reaction) * Use of medications known to elevate serum blood glucose; participants on steroids are still eligible, as they will be monitored weekly for fasting blood glucose * Participants with dysplasia-associated lesion or mass (DALM), high-grade dysplasia or invasive colonic carcinoma are excluded * Uncontrolled intercurrent illness including, but not limited to * Ongoing or active infection * Symptomatic congestive heart failure * Unstable angina pectoris * Cardiac arrhythmia * Chronic renal failure * Chronic renal insufficiency * Psychiatric illness or social situations that would limit compliance with study requirements * Prior treatment with myo-inositol * History of systemic chemotherapy within 18 months of screening * Subjects taking valproic acid and/or lithium * Diabetes mellitus * History of total proctocolectomy * Concomitant primary sclerosing cholangitis (PSC) * Pregnant or lactating subjects are excluded