Trying to apply for Second H1B

Hi ,
This is Sudheer, I came to USA on F-1 Visa,later I got my H1B for an year and it got expired since at that

time I don’t have an project to apply for my extension so I changed my Status to F-1 Now I am on CPT

working under different employer, now my questions are

            Can I apply  for H1B before the completion of Second Masters?
            If I apply for H1B , will I go through the lottery again?

Please suggest me way to Proceed