Can H1B be transferred without being stamped?

I want to know- is it possible to get H1B transferred without being stamped? Does the employer that filed the H1B petition has the privilege and authority to cancel it or transfer the H1 to some other employee?

An early reply will be very helpful.

Yes you can get the H1 transfered to another employer. There is acutally no H1 transfer it is always a new petition. In your case it would be a cap exempt petition since you are already counted towards the cap once. It is not required to have the visa stamped for getting this transfer done. Your current employer can not use the petition meant for you for any other person. They can request USCIS to revoke the petition. But usually it would be done once you leave them or tell them that you intend to leave them.