DISEASE CHARACTERISTICS:

• Histologically confirmed adenocarcinoma of the colon or rectum

  • Advanced or metastatic disease
  • Must have received a fluoropyrimidine-based regimen and an irinotecan-based regimen, either alone or in combination, for advanced disease
  • May have relapsed within 6 months of adjuvant therapy with fluorouracil (5-FU) (or combination 5-FU and irinotecan) and progressed after single-agent irinotecan
• Measurable disease
• No known brain metastases

PATIENT CHARACTERISTICS:

Age:

• 18 and over

Performance status:

• ECOG 0-2

Life expectancy:

• Not specified

Hematopoietic:

• Absolute neutrophil count at least 1,500/mm^3
• Platelet count at least 100,000/mm^3
• No history of thrombotic or hemorrhagic disorders

Hepatic:

• Bilirubin no greater than 1.5 times upper limit of normal (ULN)
• AST no greater than 5 times ULN
• INR no greater than 1.5
• PTT no greater than ULN

Renal:

• Creatinine no greater than 1.5 times ULN
• Proteinuria less than 1+ (i.e., 0 or trace) OR
• Protein less than 500 mg by 24-hour urine collection

• Proteinuria secondary to ureteral stents allowed

  • No proteinuria secondary to nephropathy

Cardiovascular:

• Controlled hypertension (less than 150/100 mm Hg) allowed if on a stable antihypertensive regimen
• No prior myocardial infarction
• No uncontrolled congestive heart failure
• No unstable angina within the past 3 months

Other:

• No serious nonhealing wound, ulcer, or bone fracture
• Not pregnant or nursing
• Negative pregnancy test
• Fertile patients must use effective contraception

PRIOR CONCURRENT THERAPY:

Biologic therapy:

• No prior bevacizumab

Chemotherapy:

• See Disease Characteristics
• Recovered from prior chemotherapy
• No prior oxaliplatin

Endocrine therapy:

• Not specified

Radiotherapy:

• At least 2 weeks since prior radiotherapy and recovered

Surgery:

• At least 28 days since prior major surgical procedure

Other:

• At least 10 days since prior aspirin dose of more than 325 mg/day
• No concurrent therapeutic anticoagulation except prophylactic anticoagulation of venous access device
• No concurrent antiplatelet agents (e.g., dipyridamole, ticlopidine, clopidogrel, or cilostazol)
• No concurrent oral cryotherapy on day 1 of oxaliplatin administration