Of course, the quota for H1B for 2007 is already finished if you mean to apply for industry jobs. The earliest you can apply is April 2007 for the work starting October 1, 2007. However, if you find a job in academic and research institute, the quota doesn't apply and you can get an H1B within a month (suppose you get a job as a research assistant at XYZ university). Generally, you can't apply for a CPT until you complete two semesters of course work in an institution. If you start a new program in January, probably you will not be able to get any CPT and may not be able to work off campus. My best advice is to get a new I-20 for yourself as soon as possible (program starting in Spring). Apply for H1B in early April through regular processing (no need to do premium processing in your case as the earliest you can work is in October). Once your H1B work permit is effective, drop your college. Good luck!