DISEASE CHARACTERISTICS:

* Histologically or cytologically diagnosed stage IIIB or IV non-small cell lung cancer

* Stage IIIB patients must have pleural effusion

* No symptomatic serosal effusion (grade 2 dyspnea) that is not amenable to drainage
* Mixed histology allowed if all components consistent with non-small cell lung cancer
* Tumors with squamous cell histology feature are allowed
* Must have measurable disease with at least one lesion with a longest diameter accurately measured as ≥ 2.0 cm with conventional techniques or as ≥ 1.0 cm with spiral CT

* Large ( \> 4 cm) centrally located lesions or large lesions in close proximity to major blood vessels should receive palliative radiation

* The irradiated lesion should not be a target lesion
* Previously treated with one chemotherapy regimen in the neoadjuvant, adjuvant, or advanced disease setting
* No symptomatic, untreated, or uncontrolled CNS metastases

* CNS metastases treated with prior whole brain radiotherapy allowed

PATIENT CHARACTERISTICS:

* ECOG performance status 0-2
* Life expectancy ≥ 12 weeks
* Absolute neutrophil count ≥ 1,500/mm\^3
* Platelet count ≥ 100,000/ mm\^3
* Hemoglobin ≥ 9 g/dL
* Bilirubin ≤ 1.5 times upper limit of normal (ULN) or direct bilirubin normal
* AST and ALT ≤ 3 times ULN (5 times ULN if liver has tumor involvement)
* Creatinine clearance ≥ 45 mL/min
* Urine protein:creatinine ratio \< 1.0
* Pregnant or nursing women are ineligible
* Negative pregnancy test
* Fertile patients must use effective contraception during and for 3 months after study participation
* No seizure disorder
* No clinically significant infection
* No other second primary malignancy within the past 5 years except carcinoma in situ of the cervix, non-melanomatous skin cancer, or low-grade (Gleason score ≤ 6) localized prostate cancer
* No hypertension or labile hypertension
* No history of poor compliance with antihypertensive medications
* No angina pectoris
* No congestive heart failure within the past 3 months unless ejection fraction \> 40%
* No myocardial infarction within the past 6 months
* No cardiac arrhythmia
* No interstitial pneumonia or extensive and symptomatic interstitial fibrosis of the lung
* No active or recent history of hemoptysis

* Hemoptysis resolved \> 2 weeks ago with measures such as palliative radiation therapy (i.e., 3,000 cGy over 10 fractions), arteriographic embolization, or endobronchial interventions (e.g., photodynamic therapy or brachytherapy) is acceptable
* No diabetes
* No prior serious, non-healing wounds, ulcers, or bone fractures
* No history of stroke within the past 6 months
* No history of abdominal fistula or gastrointestinal perforation
* No intra-abdominal abscess within the past 6 months
* Not at greater than average risk of bleeding
* No significant traumatic injury within the past 4 weeks

PRIOR CONCURRENT THERAPY:

* No aspirin at doses ≥ 1.3 grams per day within 10 days prior to or 10 days after pemetrexed disodium treatment
* No chemotherapy within the past 3 weeks (6 weeks for mitomycin C or nitrosoureas)
* No immunotherapy or biologic therapy within the past 2 weeks
* No full field radiation therapy within the past 4 weeks or limited field radiation therapy within the past 2 weeks

* The site of previous radiotherapy should have evidence of progressive disease if it is the only site of disease
* No prior post pelvic radiation
* No prior use of pemetrexed disodium
* No prior radiation to \> 25% of the marrow cavity
* No major surgery (i.e., laparotomy) or open biopsy within the past 4 weeks
* No minor surgery within the past 2 weeks except insertion of a vascular access device
* No concurrent major surgery
* No other chemotherapy, immunotherapy, hormonal therapy, radiotherapy, or any ancillary therapy considered investigational within the past 4 weeks
* No concurrent use of Hypericum perforatum (St. John's wort)
* No concurrent anticoagulant use

* Low-dose warfarin or heparin for deep venous thrombosis prophylaxis allowed