DISEASE CHARACTERISTICS:

* Histologically or cytologically confirmed adenocarcinoma of the colon or rectum that is not amenable to potentially curative surgical resection
* Metastatic or locally recurrent disease
* Tumor in liver or lung accessible to needle biopsy by ultrasound or CT scan guidance
* At least 1 measurable lesion

* At least 20 mm by conventional techniques, including physical examination, CT scan, or MRI OR
* At least 10 mm by spiral CT scan
* Lesions on colonoscopic examination or barium studies, bone metastases, CNS lesions, and ascites are not considered measurable
* Failed prior therapy with fluorouracil, leucovorin calcium, and irinotecan given either sequentially or in combination
* No known brain metastases

PATIENT CHARACTERISTICS:

Age:

* 18 and over

Performance status:

* ECOG 0-2

Life expectancy:

* At least 3 months

Hematopoietic:

* WBC at least 3,000/mm\^3
* Absolute neutrophil count at least 1,500/mm\^3
* Platelet count at least 100,000/mm\^3

Hepatic:

* Bilirubin no greater than 1.5 mg/dL
* AST/ALT no greater than 2.5 times upper limit of normal

Renal:

* Creatinine no greater than 1.5 mg/dL OR
* Creatinine clearance at least 60 mL/min

Cardiovascular:

* No symptomatic congestive heart failure
* No unstable angina pectoris
* No cardiac arrhythmia

Other:

* Not pregnant or nursing
* Negative pregnancy test
* Fertile patients must use effective contraception
* No peripheral neuropathy greater than grade 1
* No other concurrent uncontrolled illness that would preclude study
* No concurrent psychiatric illness or social situation that would preclude study
* No ongoing or active infection
* No prior allergic reaction to compounds of similar chemical or biologic composition to oxaliplatin or gefitinib
* No other concurrent malignancy except non-melanoma skin cancer or carcinoma in situ of the cervix unless considered to be at less than 30% risk of relapse after completion of therapy

PRIOR CONCURRENT THERAPY:

Biologic therapy:

* No prior epidermal growth factor inhibitor
* At least 24 hours since prior colony-stimulating factors
* No concurrent colony-stimulating factors during first course of study therapy

Chemotherapy:

* See Disease Characteristics
* No more than 2 prior chemotherapy regimens for metastatic disease
* Prior adjuvant chemotherapy allowed
* At least 4 weeks since prior cytotoxic chemotherapy and recovered
* No prior cisplatin or oxaliplatin

Endocrine therapy:

* Not specified

Radiotherapy:

* At least 4 weeks since prior radiotherapy and recovered

Surgery:

* See Disease Characteristics
* At least 4 weeks since prior surgery

Other:

* At least 30 days since prior investigational agents
* Recovered from prior therapy
* No concurrent anti-retroviral therapy for HIV
* No other concurrent investigational or commercial agents or therapies for malignancy