you just said that your OPT expires July 2012; that means you are not out of status unless you have done something else to put yourself out of status. you still have 7-8 months before your OPT expires and it's good that you've already started to think about what you're going to do when your OPT expires. here are a few alternatives:
- apply for OPT extension; check here if your major qualifies for OPT extension: http://www.ice.gov/doclib/sevis/pdf/stem-list-2011.pdf
- go back to school for a higher degree
- find a job by the time your OPT expires
- be prepared to leave the states when your OPT expires

hope that helps.