Additional Study Information: The purpose of this study is to evaluate the effectiveness of a new investigational drug, MGCD516, for the treatment of advanced liposarcoma and other soft tissue sarcomas. MGCD516 is an oral drug which blocks certain proteins on cancer cells called receptor tyrosine kinases. Receptor tyrosine kinases are proteins that help transmit signals into cells that cause the cells to grow and divide. In sarcoma, and many other cancers, these proteins become overactive and cause the cancer cells to grow and divide more quickly than normal cells and to behave more aggressively than normal cells. MGCD516 blocks these signals. MGCD516 also slows down the growth of new blood vessels that help tumors to grow and spread. In this study, all patients will receive the same treatment. Patients are not assigned or randomized todifferent groups, and no patients will receive a placebo. All patients will receive the investigational drug, MGCD516, at the same dose and schedule. MGCD516 is an oral investigational drug and is provided as capsules which are taken on a daily basis. You may receive different strengths of MGCD516 capsules to make the correct dose. The study team will instruct you on how to take the investigational drug.