Applying H1B without completing Masters

Hi All,

I really need some help reg my status. I came to US in Dec 2008 for Masters, but due to some reasons I was not able to complete my Masters but my OPT was approved for one year since we apply in advance before even graduating. So without completing Masters I used my 1 year of OPT. Since I dont have Masters degree I was not able to apply for OPT extension, so I applied to ITU and continued working on CPT. But now I am really tired of travelling so long to university during the weekends and then work during during the weekends, so I stopped attending univ from the last two semesters, but I am maintaining my status just by registering for the classes. I am in probation now and have less than 2.2 GPA. I just want to get out of all these. The only option I have is to apply H1 this year. My employer is willing to sponsor for my H1 as future employee in open quota. But

  1. Considering all the above will I get my H1 approved, since I entered US on F1 and without completing Masters I want to apply for H1

  2. Is there any other option to maintain my status in US, since I am hoping my admission will get cancelled for next semester. I only have my F1 valid until May.

Please help me out with any suggestions to maintain my status and apply for H1. Thank you all in advance for your help.