I had Got H1-b Stamped in 2008 and was having work permit upto 2011

USA H1B Visa
1

I had Got H1-b Stamped in 2008 and was having work permit upto 2011. I had never travelled to US. Now i would like to go to US again. Do i need to apply Fresh H1-B or i can ask for the extension with the Same I-797 form?

2

I am not sure if you can go for H1B extension as the petition is expired now. However, the same company or a different company can file a new cap-exempt H1B petition on your behalf.

3

New CAP-EXEMPT Means i can do it only next year?

4

Cap-exempt means, you can file at any time of the year and no numerical limit for number of petitions considered in a year.
Cap-subject petitions are the ones that are numerically limited to 65000 per year. Cap limit has reached on 11th June for FY2013 quota and you will have to wait till next year April to file under FY2014 quota.