Guys
If you haven't applied for the H-1B till now, you are out of luck.
Check this out:
http://murthy.com/nflash/nf_040307b.html

Because whatever gets approved in April-Jun-Jul ... - October 2007 is federal fiscal year 2008 which starts from Oct 1 2007.

You can work if you are currently authorized (CPT,OPT ect) to work which is valid through Oct 1st.

otherwise, its not only that you cannot work, either you maintain your status by
1. extending it (if allowed),
2. changing to other status than currnet
3. or by leaving the courntry temporarily.

H1B approved from April-October 2007 is valid only from 1st october 2007 (both for status and to apply visa to enter the US)

Thank you both 'number' & 'prakash ji' for the information.

I just wonder how many of those 150 K were graduates from the US. Instead of the random lottery they should give priority to students who have graduated from an american college or university.

Latest update
http://www.uscis.gov/files/pressrelease/H1Bfy08CapUpdate040507.pdf