Flavopiridol and Vorinostat in Treating Patients With Relapsed or Refractory Acute Leukemia or Chronic Myelogenous Leukemia or Refractory Anemia

Inclusion Criteria: * Diagnosis of one of the following: * Relapsed or refractory acute leukemia (acute myeloid leukemia \[AML\], acute lymphoblastic leukemia \[ALL\], or acute leukemia unclassifiable) following at least one prior systemic treatment * Acute leukemia in a patient 60 years or older (no requirement for prior treatment) * Acute leukemia that has evolved from a prior myelodysplastic syndrome * Chronic myelogenous leukemia (CML) in blast crisis following prior imatinib mesylate therapy * Refractory anemia with excess blasts-2 (RAEB-2) * No known CNS leukemia * ECOG performance status 0-2 * WBC \< 50,000µL * Hydroxyurea and/or leukaphereses may be used to lower WBC * Creatinine =\< 1.5 times upper limit of normal (ULN) OR creatinine clearance \>= 50 mL/min * Total bilirubin =\< 2 times ULN * AST/ALT =\< 2.5 times ULN * QTc interval =\< 0.470 seconds * Not pregnant or nursing * Negative pregnancy test * Fertile patients must use effective contraception during and for 3 months after study participation * No other condition that would preclude study participation * At least 3 weeks since prior treatment (expect leukaphereses) * No valproic acid therapy within the past 2 weeks * No prior autologous or allogeneic bone marrow or stem cell transplantation * No hydroxyurea use within the past 24 hours * No concurrent treatment with other anti-cancer agents or investigational agents