Carboplatin, Everolimus, and Prednisone in Treating Patients With Metastatic Prostate Cancer That Progressed After Docetaxel

Inclusion criteria

DISEASE CHARACTERISTICS: * Histologically confirmed metastatic adenocarcinoma of the prostate * Objective disease progression or rising PSA despite androgen deprivation therapy and antiandrogen withdrawal (when applicable) * Progressed after ≥ 1 prior docetaxel-based chemotherapy regimen for metastatic disease * Patients with measurable disease\* must have either rising PSA, increase in size of the lesion(s), or both * Patients with rising PSA as the only evidence of disease progression must demonstrate a rising trend with 2 successive elevations ≥ 1 week apart * Patients with no measurable disease must have a PSA ≥ 5 ng/mL or new areas of bony metastases on bone scan NOTE: \*There is no minimum PSA requirement for patients with measurable disease * Documented to be castrate with a testosterone level of ≤ 0.5 ng/mL * Leuteinizing hormone-releasing hormone agonist therapy must be continued, if required to maintain castrate levels of testosterone * No uncontrolled brain or leptomeningeal metastases, including patients who continue to require glucocorticoids for brain or leptomeningeal metastases PATIENT CHARACTERISTICS: * Zubrod performance status 0-1 * ANC ≥ 1,500/mm\^3 * Hemoglobin ≥ 9.0 g/dL * Platelet count ≥ 100,000/mm\^3 * Total bilirubin ≤ 1.5 times upper limit of normal (ULN) * Calculated creatinine clearance ≥ 50 mL/min OR serum creatinine ≤ 2 mg/dL * AST and/or ALT ≤ 2.5 times ULN if alkaline phosphatase normal OR alkaline phosphatase ≤ 4 times ULN if AST and/or ALT normal (for patients without documented bone metastases or for patients with liver metastases) * AST and/or ALT \< 2.5 times ULN, without regard to alkaline phosphatase levels (for patients with documented bone metastases) * Fasting serum cholesterol ≤ 300 mg/dL OR ≤ 7.75 mmol/L AND fasting triglycerides ≤ 2.5 times ULN (in the case that one or both of these thresholds are exceeded, the patient is eligible only after initiation of appropriate lipid-lowering medication) * Fertile patients must use effective contraception during and for ≥ 6 months after completion of study treatment * Willing and able to comply with this study * Able to ingest oral medication * No other malignancies except non-melanoma skin cancer or any other adequately treated cancer in complete remission for ≥ 2 years * No significant traumatic injury within the past 4 weeks * No active (acute or chronic) or uncontrolled severe infections * No severe and/or uncontrolled medical conditions or other conditions that could affect study participation, including the following: * NYHA class III-IV symptomatic congestive heart failure * Unstable angina pectoris, symptomatic congestive heart failure, myocardial infarction within the past 6 months, serious uncontrolled cardiac arrhythmia, or any other clinically significant cardiac disease * Severely impaired lung function as defined by spirometry and DLCO that is 50% of the normal predicted value and/or oxygen saturation that is ≤ 88% at rest on room air * Uncontrolled diabetes as defined by fasting serum glucose \> 1.5 times ULN * Liver disease such as cirrhosis, chronic active hepatitis, or chronic persistent hepatitis * Known history of HIV seropositivity, hepatitis B or C * Impairment of gastrointestinal (GI) function or GI disease that may significantly alter the absorption of everolimus (e.g., ulcerative disease, uncontrolled nausea, vomiting, diarrhea, malabsorption syndrome, or small bowel resection) * Active, bleeding diathesis * No known hypersensitivity to everolimus or other rapamycins (sirolimus, temsirolimus) or to their excipients * No history of noncompliance to medical regimens * No uncontrolled diabetes mellitus PRIOR CONCURRENT THERAPY: * See Disease Characteristics * At least 1 prior docetaxel based regimen for metastatic disease * Docetaxel based combination therapy or docetaxel alone considered as 1 regimen * No more than 2 prior chemotherapy regimens for metastatic disease * No prior treatment with an mTOR inhibitor (sirolimus, temsirolimus, everolimus) * At least 6 weeks since prior bicalutamide or nilutamide * At least 4 weeks since prior flutamide * More than 4 weeks since prior and no other concurrent investigational drugs * More than 4 weeks since prior and no other concurrent anticancer therapies (including chemotherapy, radiotherapy, or antibody-based therapy) * More than 4 weeks since prior and no concurrent major surgery (defined as requiring general anesthesia) and recovered * More than 1 week since prior and no concurrent immunization with attenuated live vaccines * No concurrent chronic, systemic treatment with corticosteroids or other immunosuppressive agents * Topical or inhaled corticosteroids are allowed * No concurrent prophylactic growth factors * Concurrent bisphosphonate therapy allowed