can v apply for h1b while on f-1

I want to do MBA for spring 2013, can I apply for h1b while I am on f-1 visa?

My opt will expire in nov 2012, I did not apply for h1b I missed deadline so I applied for MBA I got admit for spring 2013. I have a doubt like can i work because I heard doing second masters degree in usa does not have cpt or opt is it true, please help me