Vincristine Sulfate Liposome in Treating Patients With Relapsed or Refractory Acute Myeloid Leukemia

Inclusion Criteria: * Patients must have histologically or cytologically documented relapsed and/or refractory acute myeloid leukemia * Patients must be ineligible for, refused or having failed at least one previous salvage regimen * Eastern Cooperative Oncology Group (ECOG) performance status of =\< 3 * Women of child-bearing potential (i.e., women who are pre-menopausal or not surgically sterile) must use accepted contraceptive methods (abstinence, intrauterine device \[IUD\], oral contraceptive or double barrier device), and must have a negative serum or urine pregnancy test within 1 week prior to treatment initiation * Fertile men must practice effective contraceptive methods during the study period, unless documentation of infertility exists * Mentally competent, ability to understand and willingness to sign the informed consent form * No serious medical illness that would potentially increase patients' risk for toxicity * No active central nervous system (CNS) disease * No active uncontrolled bleeding/bleeding diathesis * No condition or abnormality which may, in the opinion of the investigator, compromise the safety of the patient * No unwillingness or inability to follow protocol requirements * No evidence of ongoing, uncontrolled infection * No requirement for immediate palliative treatment of any kind including surgery * No option for immediate bone marrow transplant unless patient refuses this therapy * Aspartate aminotransferase (AST)/serum glutamic oxaloacetic transaminase (SGOT) =\< 3 x upper normal limit (UNL), alanine aminotransferase (ALT)/serum glutamate pyruvate transaminase (SGPT) =\< 3 x UNL * Bilirubin =\< 3 x UNL * Glomerular filtration rate (GFR) \> 50 ml/min/1.72 m\^2 or creatinine \< 2 g/dL Exclusion Criteria: * Serious medical illness or severe debilitating pulmonary disease that would potentially increase the patients' risk for toxicity * Patients with persistent grade 3 or higher prior vincristine (VCR) (vincristine sulfate)-related neuropathy * Patients with active central nervous system (CNS) disease * Any active uncontrolled bleeding, and any patients with a bleeding diathesis (e.g., active peptic ulcer disease) * Pregnant women, or women of child-bearing potential not using reliable means of contraception * Lactating females * Fertile men unwilling to practice contraceptive methods during the study period * Any condition or abnormality which may, in the opinion of the investigator, compromise the safety of patients * Unwilling or unable to follow protocol requirements * Evidence of ongoing, uncontrolled infection * Patients with known human immunodeficiency virus (HIV) infection * Requirement for immediate palliative treatment of any kind including surgery * Evidence of inadequate hepatic function (aspartate aminotransferase \[AST/SGOT\] =\< 3 x upper normal limit \[UNL\], alanine aminotransferase \[ALT/SGPT\] =\< 3 x UNL \[=\< 5 x ULN if liver metastases present\], bilirubin =\< 1.5 x UNL) * Evidence of inadequate renal function (creatinine \> 2 g/dL)