Pomalidomide in Treating Patients With Relapsed or Refractory Waldenstrom Macroglobulinemia

Inclusion Criteria: * Understand and voluntarily sign an informed consent form * Able to adhere to the study visit schedule and other protocol requirements * Waldenstrom's macroglobulinemia that has relapsed and/or is refractory to at least one prior line of therapy * All previous cancer therapy, including radiation, hormonal therapy and surgery, must have been discontinued at least 4 weeks prior to treatment in this study * Eastern Cooperative Oncology Group (ECOG) performance status of =\< 2 at study entry * Serum creatinine =\< 2.0 mg/dL * Creatinine clearance \>= 45 ml/min * Total bilirubin =\< 3 x upper limit of normal (ULN) or direct bilirubin =\< 2 x ULN * Aspartate aminotransferase (AST) (serum glutamic oxaloacetic transaminase \[SGOT\]) and alanine aminotransferase (ALT) (serum glutamate pyruvate transaminase \[SGPT\]) =\< 2 x ULN * Platelet count \>= 20 K/microL * Absolute neutrophil count \>= 500 K/microL * Disease free of prior malignancies for \>= 5 years with exception of currently treated basal cell, squamous cell carcinoma of the skin, or carcinoma in situ of the cervix or breast * Females of childbearing potential (FCBP) must have a negative serum or urine pregnancy test with a sensitivity of at least 25 mIU/mL within 10 to 14 days prior to and again within 24 hours of starting pomalidomide and must either commit to continued abstinence from heterosexual intercourse or begin TWO acceptable methods of birth control, one highly effective method and one additio…