change your status to 3-8-05

I have the same situation like you. I applied for one year OPT but I used only half and went back to school. I was not able to apply for a second OPT after the 2nd MS. You can consider status change from F1 to other nonimmigration visa. If not available, I know there is a 2-month grace period after graduation, when you can leagally stay. Third, postponde your graduation and apply CPT so you have time to fit into 2006 H1B quota. The best way is to consult a lawyer immidiately. They can give you some good suggestions. Good luck!