RAD001 Plus Octreotide Depot in Metastatic or Unresectable Low Grade Neuroendocrine Carcinoma

Inclusion Criteria: * Patients with histologic proof of low grade neuroendocrine carcinoma will be eligible. Both carcinoid (any site\[atypical/intermediate grade carcinoid is allowed\]) and islet cell (pancreatic endocrine tumor) will be eligible. * Patients with neuroendocrine tumors associated with MEN1 syndrome will be eligible. * Patients must have either metastatic or unresectable local-regional cancer. * Patients must have measurable disease, as defined by RECIST (Response Evaluation Criteria In Solid Tumors). * Prior and concurrent octreotide (Sandostatin and Sandostatin LAR) is allowed. * Prior radiation therapy is permitted. A recovery period of at least 4 weeks after completion of radiotherapy is required prior to enrollment. * Patients may have received 0, 1, or 2 prior cytotoxic chemotherapy. * Chemotherapy used as a radiosensitizer will be considered one prior chemotherapy regimen. * Patients may have received prior interferon (not counted toward prior cytotoxic chemotherapy). * Patients may have received prior therapy targeting c-kit, abl, PDGFR (Platelet Derived Growth Factor Receptor), VEGF (Vascular endothelial growth factor), or EGFR \[epidermal growth factor receptor\] (not counted toward prior cytotoxic chemotherapy). * Patients may have had prior hepatic artery embolization. There must be residual measurable disease. Chemoembolization will be considered as one prior chemotherapy regimen. * Patients must have a performance status of 0, 1, or 2 (Zubrod scale). * Patients must be \>/= 18 years old (age limit due to lack of adequate safety data in younger patients). * Patients must give written informed consent. * Patients should have adequate organ function defined as follows: Absolute granulocytes \> 1,500/mm3, hemoglobin \> 8 g/dl, and platelets \> 100,000/mm3. Serum bilirubin \< 1.5 x Upper Limit of Normal (ULN), serum creatinine \< 1.5 mg/dL, AST (SGOT) less/equal 2.5 x ULN, ALT (SGPT) less/equal 2.5 x ULN. * Patients must have recovered from recent surgery. One week must have elapsed from the time of a minor surgery and 4 weeks from major surgery. * Fertile patients, both male and female, must practice contraception during treatment. Exclusion Criteria: * Patients may receive no other concurrent chemotherapy, immunotherapy, or radiotherapy. * Patients with intolerance to octreotide. * Patients who have received chemotherapy, immunotherapy, or investigational therapy in the 30 days prior to registration. * Patients with uncontrolled diabetes mellitus as defined by fasting blood sugar \> 1.5 x ULN. * Pregnant or lactating women. All women of child-bearing potential must have a negative pregnancy test prior to entry into the study. All patients of child-bearing potential must be advised of the importance of avoiding pregnancy and using appropriate methods of contraception while participating in this investigational trial. Women who have had menses within the past 2 years, who have not had a tubal ligation, or bilateral oophorectomy are considered to be of child-bearing potential. Appropriate methods of contraception include hormonal or barrier method of birth control; abstinence. * Serious intercurrent infections, or nonmalignant medical illnesses that are uncontrolled or whose control may be jeopardized by the complications of this therapy. * Psychiatric disorders rendering them incapable of complying with the requirements of the protocol. * Osseous metastasis as only site of disease. * Any concurrent active malignancy other than non-melanoma skin cancers or carcinoma-in-situ of the cervix. Patients with previous malignancies but without evidence of disease for \> 5 years will be allowed to enter the trial.