Yes,you can not apply for OPT under this situation.You only can apply again after you finish a higher level degree.Also,USCIS has stopped to accept H1B application on OCT.1 since quota for FY2005 has gone.You have to wait till APR.1,2006 to submit new H1B application which allow you to work legally from OCT.1 2006.So from now to then,you have to find a way to make you stay in US legally.