h1b - recapture unused vacation time ?

[vidhyaa123]

I am completing my 6 years of h1b and i94 ends last day of december 2011..

I applied for PERM and received an audit last month which rules out any more extensions...

I have about 4 months of vacation period spent outside the country.

Is it possible for me to apply for an H1 extension right now to recapture the vacation period , so i can pack up and leave in the next couple of months ? Is there a restriction on when it can be applied ?

and if i can apply, can i stay back in US with the receipt , until either i hear back from USCIS or the time period is over ?

Please help..