Is my H1B cap exempt?

[Kap12345]

Can I shift from F1 to H1B half way through the course?

Here's my status:

Dec 2006 - Entered US on H1B

Oct 2008 - Transferred to another employer

June 2010 - Filed for extension (Got extension till 2012)

Oct 2010 - Travelled India.. stamping was due but visa was not stamped.

Jan 2011 - Got rejection letter from US Embassy, Delhi

Wasn't too desperate about coming back so never tried again and started working in India

Jul 2012 - Came back to US for MBA on F1. Completed one year and one year is remaining

However, due to some unexpected financial circumstances I am thinking about taking a break and working to help raise funds for 2nd year else I would have to completely leave program mid-way which would be devastating. My university is very reputed but does not allow working while taking a 6 month-1yr break from school.

My questions are:

1. Can I go from an F1 to an H1B? (considering my program is only half complete)

2. If I can shift to H1B, Since I have previously stayed in US on H1B for 4 years, if I file a new H1B would that be part of H1B cap or cap exempt? (I believe my employer had revoked my previous visa after I could not secure stamping)

3. If it is cap exempt, do I need to go with the same (previous) employer or anyone can file a visa?

Answers to these questions AND any other general advise to help my situation are welcome.

Cheeers